RUSSIAN oil billionaire and owner of Chelsea Football Club, Roman Abramovich, is in talks to take a controlling interest in Italian freighter operator, Ocean Airlines.

The airline has been suffering financial problems recently, following its decision to abandon an IPO flotation in August.

Air Cargo News has learned that the delicate negotiations are at an advanced state, and are likely to have been conducted through Abramovich¡¯s investment firm, Millhouse Capital.

Reports in the Russian press, state that Abramovich will invest some €300 million to take control. A new injection of cash is needed to keep the airline afloat.

Rossano De Luca, Ocean Airlines¡¯ chief executive officer admits that the airline has faced difficult times, and says the future now looks bright.

A spokesperson for Abramovich has denied the existence of negotiations between the Russian businessman and Ocean. However, a source, with inside knowledge of the deal, confirmed to Air Cargo News that talks were taking place.