Russia mulls SCF issue

The Russian government has authorised a sale of tanker owner Sovcomflot’s shares.

But the state-owned shipping company made it clear this did not mean an actual issue would go ahead and no decision has yet been taken.

It revealed in a statement in Russia that the state green-lighted a potential public sale of new stock to increase the company’s share capital.

Sovcomflot is not commenting further, as it views the matter as something for its shareholder to elaborate on in the future.

Russian media said 280.96m shares could be sold.

It is not clear how the sale ties in with the proposed part-privatisation of the owner.

In September 2012, first deputy prime minister Igor Shuvalov said the government would divest a 25%-minus-one-share stake initially, with a deal for 25%-plus-one-share coming later.

In February, economic development minister Andrey Belousov said that the privatisation is slated for the second half of 2013.