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Russian government plans to reduce its presence in flagship companies by 2016

April 15, 2013, 17:55 UTC+3
The list includes companies active in the oil and oil transportation sector, in the sectors of transport, in the financial, machine-building and defence sectors
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BEIJING, April 15 (Itar-Tass) - Russia’s government plans to reduce its presence in Russia’s biggest companies by the year 2016, Deputy Minister of Economic Development Olga Dergunova said on Monday at the Russian-Chinese investment forum.

“Each company has its own history and strategy, and they are at various levels of economic development. But what is common to all is that they are successful flagship companies,” she said.

According to Dergunova, the list includes companies active in the oil and oil transportation sector, in the sectors of transport and air transport, in the financial and machine-building sectors, and in the defence sector.

“Our task is to pool efforts with investors to formulate an efficient strategy to each one of these companies to assess privatization dates for these assets. The year 2016 has been chosen as a reference point. But if this date does not prove to be optimal, it will be necessary to wait for a better period,” she stressed.

“Privatization deals must be transparent and clear to all investors, both on the local market and outside Russia,” Dergunova went on. “We are not limiting the circle of countries where we expect investors from.”

“The success of the last year’s floating of seven percent of Sberbank’s shares and the sale of a stake in the Far Eastern Vanino port has proved that this is the right approach,” she added.

 

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