Gulftainer in Russian joint venture

The agreement, signed earlier this month (September) in the presence of Russia’s Prime Minister Vladimir Putin, includes establishing a US$500m fund to acquire port and logistics assets in Russia and the region, some of which have already been identified by the partners.

“The investment potential in Russia and the CIS is huge in ports, related infrastructure and logistics. We are very confident that aligning our two organisations’ proven track records and know-how will prove successful in meeting Russia’s need for enhanced logistics operations to assist exporters and importers access to world markets,” said Peter Richards, Gulftainer’s managing director.

On behalf of Prominvest, its CEO, Mikhail Shelkov, added “Prominvest is delighted and proud to join forces with two companies – Crescent Group and Gulftainer – who are both market leaders in their respective fields. We are at the forefront of co-operation between Russia and the Gulf region and this agreement firmly establishes the commitment of our organisations to develop and expand supply chain logistics in the Russian Federation.”