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Russian government decrees oil major Rosneft partial privatization

December 01, 2014, 9:59 UTC+3 MOSCOW
As much as 19.5% of the company’s stock will be privatized, the Cabinet stated on Monday
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© ITAR-TASS/EPA/YURI KOCHETKOV

MOSCOW, December 1. /TASS/. Russian government has issued a resolution on partial privatization of domestic oil giant Rosneft. As much as 19.5% of the company’s stock will be privatized, the Cabinet stated on Monday.

Rosneft CEO Igor Sechin told reporters earlier that the company took positively an idea of privatizing its state stake in two tranches. The privatization share price will make $8.12, he said.

Privatization of 19.5% Rosneft stake is planned in 2015, the federal budget can yield $8.5 billion in this financial operation, Russian Finance Minister Anton Siluanov said back in August.

Twenty-nine Rosneft enterprises in Siberia, Central Russia and the Far East produce oil. The company has a stake in joint ventures in Venezuela, Vietnam, Canada, Brazil, Norway, Algeria, the United Arab Emirates and the United States. Rosneft said that output of oil and liquid hydrocarbons had reached 4.2 million barrels a day in 2013 that was 72% more than the similar indicator in 2012.

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