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Privatization of 19.5% stake in Rosneft may provide $10.5 bln to budget — minister

May 24, 21:14 UTC+3
The Russian government will be able to maintain the 2016 budget deficit at 3% of GDP if 19.5% stake in the oil major Rosneft is privatized this year — Russian Minister of Economic Development
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© EPA/YURI KOCHETKOV

BRATISLAVA, May 24. /TASS/. Privatization of 19.5% stake of the Russian oil major Rosneft may provide the budget with 700 bln rubles ($10.5 bln), Russian Minister of Economic Development Alexey Ulyukayev said on Tuesday.

"[Rosneft’s privatization] is the most important for the budget balancing. 19.5% [stake] in Rosneft is currently priced above 700 bln rubles ($10.5 bln) already," the Minister said.

The Russian government will be able to maintain the 2016 budget deficit at 3% of GDP if 19.5% stake in the oil major Rosneft is privatized this year,  Ulyukayev added. 

"To achieve the budget deficit of 3% of GDP is fairly challenging. It is exactly the privatization of Rosneft will make possible to receive money directly as budget revenues and not as a deficit financing source," the Minister said.

Russian banks may be involved as co-organizers of privatization of Rosneft "with high degree of probability," the minister added.

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