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Kenes Rakishev to develop Vitino port on his own and maintain integrity of the project



Kenes Rakishev, the owner, operator and developer of sea port Vitino doesn't have intention to share the port potential revenues with others



19.Jul.20 5:52 PM
By Shawn Highstraw
Photo toinnov.com

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Kenes Rakishev to develop Vitino port on his own and maintain integrity of the project
Kenes Rakishev, the owner, operator and developer of sea port Vitino doesn't have intention to share the port potential revenues with others. He is in favour of all-private investment in this assets. Based on his vast investment experience Kenes Rakishev intends to keep some distance from the state structures at this stage of development.

State Transport Leasing Company (GTLK) withdrew from the Vitino oil products transshipment terminal project near Kandalaksha in the Murmansk Region. This was reported by Kenes Rakishev, the businessman who owns the terminal through BTA Bank.

Kenes Rakishev supposes that it only strengthens the Vitino prospects as single investor is much capable to develop the project. It will maintain a single vision:

“We transferred the Vitino terminal to our BTA balance sheet. About six months ago, we discussed partnership with GTLK, but now the negotiations have been suspended because GTLK wanted to buy back 100 percent stake, and we are not interested,” the businessman said.

According to registry, BTA Bank owns 49% of the terminal. The press relation person of the GTLK declined to comment. Kenes Rakishev is owner of Vitino oil transshipment terminal. BTA Bank, once the major bank of Kazakhstan is in the process of repossessing the scattered assets left by previous management in disarray.

The previous management of the Vitino terminal is to blame for management company bankruptcy. The port has not done transshipment since 2014. Its volumes began to decline markedly in 2013. According to the results of 2013, this indicator amounted to 2.14 million tons – half as much as a year earlier, or about 30% of the engineered capacity.

Vitino has served NOVATEK’s gas condensate, but then the company reoriented the flows to its own production and transshipment complex in Ust-Luga in the Leningrad Region with a capacity of 6 million tons per year. Kenes Rakishev plans to relaunch the terminal and invest heavily in its renovation.

Kenes Rakishev is activist investor. He is looking for the underperforming assets to relaunch them and sell at the true market value. Kenes Rakishev acquired and restored Petropavlovsk gold mine and is looking for more assets in the same branch.



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