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RUSSIA'S ECONOMY

US company White&Case to act as legal advisor in privatization of Rosneft — minister

White&Case represents Russia's interests in the US federal court in Washington, where the Hague court decision to enforce Russia to pay $50 bln to the former shareholders of Yukos is being challenged

© ITAR-TASS/Sergey Savostyanov

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Privatization of Rosneft through convertible bonds not tested — minister

HELSINKI, April 13. /TASS/. The US company White & Case will act a legal advisor in privatization of stake of Russian state-owned oil company Rosneft, Economic Development Minister Alexei Ulyukayev said.

"White & Case is a legal consultant. There will also be an auditor of reserves and investment consultants," he said.

The minister refused to name the company, which will act as an investment advisor.

White & Case represents Russia's interests in the US federal court in Washington, where the decision of the Hague court to enforce Russia to pay $50 bln to the former shareholders of Yukos oil company as compensation is being challenged.

Earlier, Ulyukayev said that Rosneftegas was engaged in selection of the consultant, and his ministry was to define the tasks of an investment consultant.

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The Minister also said that if Rosneft is privatized, the Russian budget will receive the funds from privatization via dividends of Rosneftegaz.

He added that the government proceeds from the fact that all funds from the sale of the stake in the company will be fully directed to the Russian budget.

The Minister stressed that it is not planned to spend the revenues raised from privatization of major assets on investment programs of companies.

In January, Russian President Vladimir Putin announced the decision to sell the stakes in state-owned companies Rosneft, Bashneft, VTB, Alrosa, Sovcomflot in 2016.

The Russian government expects to raise about 500-550 billion rubles from the privatization of 19.5% in Rosneft.

Rosneftegaz company controls the state assets of the Russian Federation in oil and gas industry. It owns more than 69.5% of shares of Rosneft. British BP owns 19.75% of shares of Rosneft.

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United States Rosneft

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Slovak PM thanks Putin in Russian for meeting with him

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Jet fire reported at drill hole in Russia’s Orenburg Region

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Top stories from the Russian press on Wednesday, December 18th

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Ukraine launches over 18 strikes on Russia’s Belgorod Region in past day

Governor Vyacheslav Gladkov said that the Borisovsky district was attacked by a UAV, with the roof of a private house being damaged

Damage to Portuguese Embassy in Kiev caused by Ukrainian air defense — Russian diplomats

Reporters are ramping up Russophobia, distorting the facts while writing on this matter, the Russian Embassy in Portugal said

Oil supplies to Hungary via Druzhba pipeline resume — top Hungarian diplomat

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Putin holding talks with visiting Slovak PM

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According to the latest data, two people were killed

Putin, Slovak PM discuss bilateral relations, energy — Kremlin

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Assad allegedly hands list of military targets over to Israel before leaving Syria — media

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