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Rosneftegaz receives payment for 19.5% stake in Rosneft

December 16, 2016, 8:59 UTC+3

The Russian state budget will receive $11.5bln after the privatization of a 19.5% stake in Rosneft

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MOSCOW, December 16. /TASS/. Rosneftegaz has received in full volume payment for purchase of 19.5% stake in the largest Russian oil company Rosneft by Glencore consortium and Qatar Investment Authority, the company's statement said.

"Rosneftegaz received payment in full in accordance with the cost of the stake in the volume of 2066.7 million shares. All money have been accumulated on Rosneftegaz accounts. Preparations are underway for transferring money to the Russian state budget in accordance with the schedule coordinated by the Russian Finance Ministry, with consideration of the orders of the Russian president and Russian government to avoid volatility at the country's exchange market," the press release said.

The Russian state budget will receive 710.8 billion rubles ($11.5bln) after the privatization of a 19.5% stake in Rosneft. The privatization Rosneft and another oil company Bashneft will bring more than 1 trillion rubles ($15.9 bln) in total to the Russian federal budget.

Last week, Rosneftegas and a consortium of Qatar Investment Authority and Glencore signed an agreement for the sale of 19.5% of Rosneft shares for 692 bln rubles ($11.3 bln). A total of 710.8 bln rubles, including 18 bln rubles worth of extra dividends of Rosneftgaz, will be transferred to the Russian budget.

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