OREANDA-NEWS. September 12, 2011. At its meeting in Moscow on 12 September, the Sovcomflot Board of Directors approved the Company's strategy for the period until 2017, and reviewed the Company's performance. Together with Government agencies, the Board also considered the status of preparations for the privatisation of Sovcomflot and the sale of its shares.
 
 Sergey Naryshkin, Chairman of the Board said: "Sovcomflot will continue preparatory work for taking the company public, with a target to complete the main pre-sale preparations by the end of 2011. Meanwhile the current adverse stock market conditions, including exceptionally high volatility, will mean that the available market window for effective first public share placement (IPO) is unlikely to be before the second quarter 2012. The proposals of the Board of Directors on this matter are supported by the Russian Government.”
 
 The Company’s updated Strategy reflects the major points from Russia’s Transport Strategy for the period until 2030, and the development prospects for the Russian shipbuilding. The document was approved by a number of ministries and governmental agencies and takes full account of the current market situation. It also defines the priority for the expansion of the company's participation in the development of the new energy projects on the continental shelf.