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Russian oil firms are gearing up to bid for a stake in the Black Sea port of Tuapse, a key Russian outlet for exports of lucrative Siberian Light crude. The federal property fund -- which has a 49pc holding -- plans to sell a 24pc stake in the port, minus one share, in the third quarter. The auction is likely to attract state-owned Rosneft, Sibneft, oil pipeline monopoly Transneft and the port's administration.
The Tuapse terminal includes the Tuapsenefteprodukt tank farm and Tuapse refinery loading facilities, both controlled by Rosneft. It also includes the Zarechye tank farm, which is controlled by Transneft subsidiary Chernomortransneft.
A top official …