April 3, 2018 / 2:00 PM / 3 months ago

Russia’s Transneft suspends talks with Summa over purchase of stake in NCSP

MOSCOW, April 3 (Reuters) - Russian oil pipeline operator Transneft has suspended talks with Summa group over the purchase of a stake in Novorossiysk Commercial Sea Port (NCSP) but is still interested in raising its stake in the asset, Transneft spokesman Igor Dyomin said.

The negotiations were suspended due to the “latest events”, Dyomin said in a statement without elaborating. On Saturday, the Russian authorities arrested the co-owner of Summa, Ziyavudin Magomedov, on charges of embezzling more than $35 million.

Magomedov denied the charges at a pre-trial hearing, where a judge ordered that he be held in custody until May 30. (Reporting by Vladimir Soldatkin Writing by Polina Nikolskaya Editing by Katya Golubkova and Adrian Croft)

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