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Privatization of Rosneft through convertible bonds not tested — minister

March 22, 21:20 UTC+3 NOVO-OGARYOVO
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NOVO-OGARYOVO, March 22. /TASS/. Privatization of Rosneft through convertible bonds is not tested, direct placement is preferable, Economic Development Minister Alexei Ulyukayev told journalists Tuesday.

"The mechanism of convertible bonds is the most hypothetical here because it is not tested. There was no such practice. It is not necessary to reject it completely, but this is a hypothetical version. The more practical option is a direct public offering or sale to a strategic investor," the minister said.

Ulyukayev still sees the possibility of privatization of 19.5% of Rosneft in 2016 "19.5%, yes, maybe," he replied to a question about the possibility of selling a government's stake in Rosneft before the end of the year.

Deputy Finance Minister Yuri Zubarev said earlier that privatization of Rosneft can bring around 490 bln rubles ($6.5 bln) to the federal budget. "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 official noted that this is one of the measures alleged by the Government to stabilize the economic situation and to replenish the federal budget.

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