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Russia’s Rosneft to benefit from raising free-float

June 19, 2014, 18:36 UTC+3 MOSCOW
More shares trading at the stock exchange would mean a higher capitalization for the company
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© ITAR-TASS/Mikhail Dzhaparidze

MOSCOW, June 19. /ITAR-TASS/. Russia’s oil major Rosneft is interested in raising its free-float, CEO Igor Sechin said in an interview with CNBC on Thursday.

More shares trading at the stock exchange would mean a higher capitalization for the company, while it is not really important whether the government retains its 69% stake or reduces it to 50% plus one share, he said.

A source familiar with the meeting agenda of the presidential commission for the fuel and energy industries said that the authority is considering a program of accelerated privatization of a 19.5% stake in Rosneft. The proposals will be oriented towards strategic investors, rather than open market sales, the source said.

Sechin said that the government must retain the control stake in the company because this will allow Rosneft for receiving licenses for shelf fields on preferential conditions.

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