Russian assets ‘earmarked’ for acquisition

The new joint venture between Gulftainer and Prominvest, the financial arm of Russian state, is to be called Gulftainer Russian Technologies and it will pursue both investment and management opportunities.

So far a joint fund of $500m has been earmarked to acquire port and logistics assets in Russia and the CIS, and according to Gulftainer, some of these assets “have already been identified by the partners” – although at present it is not clear which.

It is, according to Gulftainer’s vice chairman Badr Jafar, a moved pushed by the rapid growth of the Russian economy, which is seeing an “increased demand for more efficient and a wider range of port and logistic services”.