QINGDAO (eastern China), May 18 /ITAR-TASS/. Russian oil major Rosneft’s state stake of 19.5% minus one share can be sold as a whole or in parts, Minister of Economic Development Aleksey Ulyukayev said.

The minister noted earlier that “the deal can be finalised this year.”

Rosneft’s stake of 19.5% minus one share is expected to be privatised. Russian state-run company Rosneftegaz owns 69.5% of Rosneft’s stock. Additional federal budget revenues in dividends from Rosneftegaz can reach 423.5 billion roubles (around $12.1 billion) in case of sale.

The Russian state will retain a controlling stake of the oil company after privatisation.

The APEC forum was established in November 1989 as an instrument of peaceful and non-conflict settlement of economic, social, ecological and other problems in the Asia-Pacific Region. All APEC activity is based on the principle of consensus. Along with Russia, APEC brings together Australia, Canada, China, Malaysia, the United States, the Philippines, South Korea, Japan and several other countries that make a total of 21 member states.

Current meeting of the heads of economic agencies of APEC member states is being held in the Chinese city of Qingdao on May 17-18. The meeting is devoted to joint construction of partnership relations in the Asia-Pacific Region.