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Bashkiria does not intend to sell its stake in Bashneft — governor

August 17, 19:40 UTC+3 MOSCOW
The stake provides the region with stability and confidence in the future, says the governor
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© Sergey Savostyanov/TASS

MOSCOW, August 17. /TASS/. Authorities of Bashkiria do not intend to sell the stake held in Russian oil producer Bashneft because it provides the region "with stability and confidence in the future," Governor of Bashkiria Rustem Khamitov said on Wednesday on the air with Rossiya 24 TV Channel.

"We do not currently consider such an option of our action," Khamitov said responding to the question whether authorities of Bashkiria plan to sell their shares in Bashneft.

"Presence of this stake means stability and confidence in the future. Moral costs of sale will be too high," Khamitov said.

Khamitov approached the Kremlin earlier with the request to postpone privatization of the company so that Bashneft continues meeting social commitments to the region.

Bashneft oil company operates in more than 20 regions of Russia and abroad. The Federal Property Management Agency owns 50 plus 1 share in the company’s share capital; the republic of Bashkortostan holds 25% plus one share. Bashneft’s shares are traded on the Moscow Exchange.

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