Gunvor pulls out of Murmansk buy out
Major oil trader, Gunvor, has cancelled plans to buy a controlling stake in the JSC Murmansk Commercial Seaport (MCS).
The decision to pull out followed a technical audit of the company, which suggested that the asking price for the stake was too high.
Guvnor was attracted by investment in the national coal industry which will ultimately benefit traffic at the port. MCS, which handled 12.8m tonnes in 2010, manages 17 berths at Murmansk.
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