Russia's state nuclear giant Rosatom said on Friday that it has agreed with UAE-based port operator DP World to set up a joint venture in logistics.
Rosatom, which builds nuclear projects in Russia and abroad and also owns transport assets in Russia, will hold 51 per cent of the company, while DP World will take a 49 per cent stake, the company's spokesman said.
Rosatom's contribution would be its 92.4 per cent stake in Russian transport group FESCO, specialising in container logistics, and DP World will provide cash, which amount would depend on the market valuation of FESCO, he said.
The deal requires approval from the government commission on foreign assets and the Federal Antimonopoly Service.
Rosatom said the partnership is in line with its strategy to develop a global logistics operator and increase cargo flows, including through the Northern Sea Route, the Arctic transport corridor along Russia's northern coast.
DP World, one of the major container port operators globally, and the deal would give Rosatom access to its global infrastructure, and DP World is expected to help Russia find new cargo volumes, including for the Northern Sea Route, Rosatom said.
(Reporting by Anastasiya Lyrchikova; Writing by Gleb Stolyarov; Editing by Louise Heavens)
