UAE's Gulftainer to buy stake in Russian port - report

Gulftainer Co, the United Arab Emirates' second-largest port operator, is close to acquiring a 25 percent stake in Russia's Baltic port of Ust-Luga, the Kommersant business daily reported on Tuesday, citing a port source.

Last year, Gulftainer set up a US$500m fund with Russian partners as it was positioning itself for acquisitions in Russia, the Gulf and Asia.

The source at the port said the acquisition is set to close in March. Financial details were not disclosed.

Port officials were not available for comment.

The port will be able to handle and store 4.6m tonnes of cargo and 450,000 cars once construction is completed on a capacity expansion programme.

The news came after the port's director general, Konstantin Sokolov, resigned on Monday.

Gulftainer is a subsidiary of the Sharjah-based Crescent group of companies and the largest private port and logistics operator in the Middle East.