ST. Petersburg to Become Baltic Sea's Largest Port

According to what Sergei Frank, the Minister of Transportation of the Russian Federation said yesterday at a press conference, the St. Petersburg seaport is becoming the largest on the Baltic Sea.

Over just one year, said the minister, its transhipping volume had grown by 50%. Mr. Frank continued saying, 'When a year ago we said this was possible, people called us dreamers'. Over the past years, the port's throughput has tripled and continues to grow.

The port's statutory capital of just over USD 10,000 is divided into 222,230 common and 90,700 priviliged shares with the face value of USD 0.03 each. The principal stockholders include Nasdor Incorporated of Liechtenstein (48.93%), the Property Managing Committee of the Administration of St. Petersburg (28.79%), and the Ministry of Property of the Russian Federation (20%).