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Privatizing Russia's Rosneft could bring around $6.5 bln to budget — finance ministry

February 26, 15:46 UTC+3 MOSCOW
Finance Minister Anton Siluanov earlier said that at least around $6.6 bln could be gained from privatization of a 19.5% stake of Rosneft
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© Sergei Bobylev/TASS

MOSCOW, February 26. /TASS/. Privatization of Rosneft can bring around 490 bln rubles ($6.5 bln) to the federal budget, Deputy Finance Minister Yuri Zubarev said Friday.

"The privatization of the state share in Rosneft can bring around 490 bln rubles ($6.5 bln) to the state budget," Zubarev said, speaking at the plenary session of the State Duma.

The deputy minister noted that it is one of the measures alleged by the government to stabilize the economic situation and to replenish the federal budget.

Among other discussed measures, he also noted the reduction of federal spending by 10%, increasing excise duties on petrol from April 1, 2016, and increasing dividends from state-owned companies.

Finance Minister Anton Siluanov earlier said that at least 500 bln rubles ($6.6 bln) can be gained from privatization of a 19.5% stake of Rosneft. "We are ready and are making necessary steps to sell a 19.5% stake in Rosneft. We have high expectations," the official said.

"The Economic Development Ministry is dealing with this issue so as next year we can privatize part of Rosneft package. We believe that ... in rubles it is about 500-550 bln rubles ($6.6 bln-7.3 bln). Not less than 500 bln rubles ($6.6 bln)," he said.

Rosneftegaz (controls Russian public assets in the oil and gas industry) owns more than 69.5% of Rosneft shares. British BP owns 19.75% of Rosneft shares.

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