Russia May Postpone Rosneft Privatization

The Russian government may postpone further privatization of oil major Rosneft till 2016 from 2015 and will hold negotiations with its existing shareholders on their participation in the sale, Prime cited First Deputy Prime Minister Igor Shuvalov as saying on November 12.

“We will have to discuss with partners what the best option and time of privatization are. We earlier thought that it could be in 2015, but now experts say that it could be better to delay it to 2016,” Shuvalov said.

The government plans to hold talks with BP, which holds 19.75% in Rosneft and investment banks for consultations.

“If existing shareholders, including BP, show their interest in the course of the deal, we will be glad if they participate in further sales of the government’s stakes,” Shuvalov said.

State-run Rosneftegaz is the main shareholder of Rosneft with a 69.50% stake.

Copyright: Prime, 2013