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Moscow resumes Bashneft privatization

The government is also preparing to sell its stake in Rosneft and expects to receive US$16 billion from both deals.

04.Oct.16 4:26 PM
By Alesya Davydova


Moscow resumes Bashneft privatization

Russian government is about to resume the procedure of Bashneft privatization, informs quoting First Deputy Prime Minister Igor Shuvalov. In August the Kremlin was determined to postpone selling the controlling stake in the oil company until next year but now the country needs to improve its budget.

Moreover the country has also started preparing the sale of the 19.5-percent stake in Rosneft, Igor Shuvalov said during his meeting with investors in Sochi. The transcript of the negotiations is published on the official website of the government. According to Shuvalov, the country expects to earn approximately US$16 billion from both deals (1 trillion rubles) and Rosneft will not be prevented from bidding for the stake in Bashneft.

Bashneft is one of the top ten Russian oil and gas companies, owns three oil refineries and one petrochemical plant. The company also has a wide network of petrol stations all over Russia. The controlling share of 50% and 1 stake belongs to the government, but in May the country’s management decided to sell its share. In August the privatization was postponed till next year.

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