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US company White&Case to act as legal advisor in privatization of Rosneft — minister

April 13, 20:28 UTC+3 HELSINKI
White&Case represents Russia's interests in the US federal court in Washington, where the Hague court decision to enforce Russia to pay $50 bln to the former shareholders of Yukos is being challenged
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© ITAR-TASS/Sergey Savostyanov

HELSINKI, April 13. /TASS/. The US company White & Case will act a legal advisor in privatization of stake of Russian state-owned oil company Rosneft, Economic Development Minister Alexei Ulyukayev said.

"White & Case is a legal consultant. There will also be an auditor of reserves and investment consultants," he said.

The minister refused to name the company, which will act as an investment advisor.

White & Case represents Russia's interests in the US federal court in Washington, where the decision of the Hague court to enforce Russia to pay $50 bln to the former shareholders of Yukos oil company as compensation is being challenged.

Earlier, Ulyukayev said that Rosneftegas was engaged in selection of the consultant, and his ministry was to define the tasks of an investment consultant.

The Minister also said that if Rosneft is privatized, the Russian budget will receive the funds from privatization via dividends of Rosneftegaz.

He added that the government proceeds from the fact that all funds from the sale of the stake in the company will be fully directed to the Russian budget.

The Minister stressed that it is not planned to spend the revenues raised from privatization of major assets on investment programs of companies.

In January, Russian President Vladimir Putin announced the decision to sell the stakes in state-owned companies Rosneft, Bashneft, VTB, Alrosa, Sovcomflot in 2016.

The Russian government expects to raise about 500-550 billion rubles from the privatization of 19.5% in Rosneft.

Rosneftegaz company controls the state assets of the Russian Federation in oil and gas industry. It owns more than 69.5% of shares of Rosneft. British BP owns 19.75% of shares of Rosneft.

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