Government Opposes Rosneft President Sechin’s Plan

The government is against the idea of Rosneft president Igor Sechin to sell to Rosneft the state-owned stake of the Norovorssiysk sea port, Vedomosti has reported. The final word is up to President Putin. Early this week, the government will forward to Putin a report on the sale of the state-owned stake in the Novorossiysk sea port to the state company Rosneft.
 
The government is against the plan, and this will be reflected in the report, Vedomosti said, citing three top officials who contributed to the drafting. The stake should be sold either at an exchange or to a strategic investor. Share placement would be the best option, said Vedomosti sources, while a representative of Deputy Prime Minister Igor Shuvalov refused to comment.
 
In a letter to Putin in early October, Sechin suggested selling 20% of the port to Rosneft. Putin asked Shuvalov to look into this and come up with a report.
 
Copyright: Vedomosti, 2013