Sharjah-based ports operator Gulftainer has signed a joint venture agreement with Prominvest, the investment arm of state-owned Russian Technologies.

The new joint venture company Gulftainer Russian Technologies will pursue investments and management opportunities in the logistics sector in Russia and the Commonwealth of Independent States (CIS), including strategic port assets and related infrastructure.

The company also plans to establish a $500 million fund to acquire port and logistic assets in Russia and the region, some of which have already been identified.

“The investment potential in Russia and the CIS is huge in ports, related infrastructure and logistics,” says Peter Richards, managing director of Gulftainer. “We are very confident that aligning our two organisations’ proven track records and know how will prove successful in meeting Russia’s need for enhanced logistics operations, assisting Russian exporters and importers access to world markets.”

Gulftainer is currently expanding its worldwide presence and operates three berths at Iraq’s Umm Qasr port. The operator won the concession to operate berth 8 in February 2010 and opened the berth in early August (MEED 2:8:10). The firm expects to introduce two mobile harbour cranes designed to handle all forms of cargo in September that will ensure high efficiency at the berth.