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Russia disputes acquisition of its Caspian Sea port by Iran companies
Last Updated(Beijing Time):2012-08-01 09:44

Russia was disputing number of commercial deals with some Iranian companies over property rights on the port of Astrakhan, the Federal Anti-trust Service (FAS) said Tuesday.

The controversy arose after FAS inspected the agreements signed between unnamed Iranian companies and the Port of Astrakhan Joint Stock Company (JSC).

FAS warned the Russian governmental Commission for Foreign Investments that the Iranian companies could obtain a full control over the port's business, should the deals be rubber-stamped.

"Earlier, the governmental Commission denied an Iranian company to acquire the control package of the Port of Astrakhan JSC in accordance with the international sanctions imposed on Iran and the decree of Russian President," FAS said.

"Still, the Iranian company undertook the steps to establish control over the port in violation of the government's ban," FAS stressed.

The Iranian company, unveiled by local media as Khazar Sea Shipping Line, has kept its office in Astrakhan for 10 years and declined to reveal information about its beneficiary.

It has signed an agreement with the Port of Astrakhan with participation of Astrakhan region's Ministry for Industry, Transport and Natural Resources in 2010.

Two more foreign companies, Iranian South Way Shipping Agency and Azores Shipping Company from the United Arab Emirates, participated in the deal, Astrakhan local media reported.

According to the deal, Khazar Sea Shipping Line acquired 40 percent of the shares, and in total the three possessed 53.percent of the shares, enough for acquisition of the Port of Astrakhan.

FAS investigators found that Khazar Sea Shipping Line was on the black list of the companies under international sanctions against Iran, thus the business watchdog denied the deal in January 2011.

City of Astrakhan is the largest Russian port located at the influx of the Lower Volga river to the Caspian Sea. The Port of Astrakhan JSC fully owned that port.

FAS has been preparing a lawsuit to recognize the deals void and the Astrakhan regional court prohibited any operations with the JSC shares, the agency said on its website.

Port of Astrakhan tranships about 700,000 tons of cargo and 1.2 million passengers annually. It runs its own railway network and is capable to receive four vessels of the "sea-to-river" class at a time.

Source:Xinhua 
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