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The Russian authorities have almost completed the preparation for the privatization of Rosneft

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The Russian authorities have almost completed the preparation for the privatization of Rosneft

The Russian authorities have almost completed the preparation for the privatization of Rosneft
October 26
16:00 2016

According to the Minister of Economic Development Alexei Ulyukayev, Russian authorities will finish the preparation for the privatization of Rosneft in early December.

“There’s a schedule that has been prepared by a consultant –Intesa Bank. According to this schedule, this procedure must be finalized by the beginning of December. There are corresponding positions – report preparation, evaluation, mailing of invitations to investors, etc. We are following the timetable. The completion of all preparatory work has been scheduled for early December, “- said Ulyukayev to the media.

According to Ulyukayev, the privatization of Rosneft is almost on the final stage.

The Government planned to privatize 19.5 percent of the country’s largest oil company Rosneft before the end of this year, which is headed by Igor Sechin.

The Government was going to replenish the treasury by 704 billion rubles due to this share of Rosneft.

In the amendments to the budget of 2016 Ministry of Finance has provided the right to withdraw extra1 trillion rubles from the Reserve fund for the case if the funds from the sale of securities of Rosneft are not in the treasury until the end of the year.

Rosneft has a possibility to buy out the share of own stocks within the framework of the privatization, but the Ministry of Economy expects that in this case the company will resell these shares to the investor “in the most appropriate period of time”, said the Director of the Department for Corporate Administration of the Ministry of Economic Development of the Russian Federation. Oksana Tarasenko in an interview with Reuters.

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1 Comment

  1. Тerry
    Тerry November 30, 19:48

    The Russian government is not going to rethink the privatization of “Rosneft” and intends to complete the transaction as scheduled, despite the detention of Ulyukayev.
    Because “Rosneft” has offered the highest price that does not allow the government to give up the this idea.

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