LUKoil Tankers Shows Interest In Latvian Shipping

Monday, December 06, 1999
Latvia's Privatization Agency said Russian LUKoil Tankers have shown active interest in the sell-off of a 44 percent stake in Latvian Shipping. "We have had the most active correspondence with LUKoil Tankers, which of course does not rule out other participants in the final bidding," Janis Naglis, privatization agency director, said. "I would not be surprised if LUKoil Tankers decided to participate in the Latvian Shipping sell-off. It has free funds and ambitious plans to increase its fleet," Naglis said. Naglis added that the agency plans to distribute an international audit of Latvian Shipping's nine-month results to potential bidders soon. "We hope to be able to send (the audit) out to potential bidders on December 7, with the list comprising some 46-47 entities," he said. Interested parties have until Dec. 20 to submit bids in the privatization, with results expected on Dec. 22. Latvian Shipping, which is 100 percent state-owned, is the world's 19th largest shipping firm in terms of tonnage and posted a first half profit of $3.99 million.

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