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Novak says Rosneft privatization deal demonstrates inefficiency of anti-Russia sanctions

December 21, 2016, 12:20 UTC+3
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MOSCOW, December 21. /TASS/. The transaction on Rosneft privatization has demonstrated the attractiveness of Russia’s oil market and the inefficiency of sanctions against the country, Energy Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Wednesday.

"It (transaction) first of all demonstrates that the oil market is attractive for investors and the so-called sanctions do not work as we attracted additional investments in the industry, the stake in Rosneft was privatized as planned," he said, adding that the Ministry views the deal favorably.

As was reported earlier, Rosneftegaz 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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