State control over Rosneft to decrease - Shuvalov

November 2, 2012

The acquisition by Rosneft of a 100% stake in TNK-BP will accelerate privatization of the Russian state-owned company. This opinion was voiced in an interview for the "Financial Times" newspaper by Russia’s First Deputy Prime Minister Igor Shuvalov.

According to him, there is no call for concern that almost half of Russian oil will now be produced by the state.

The deal between Rosneft and BP will enable the British side to increase its stake to nearly 20%, thus contributing to "accelerating the pace of privatization of the state-owned oil group."

"This transaction offers the most sensible course of developments for “Rosneft," says Shuvalov. "I believe that overtime, the level of state control shall be reduced," he added.

According to Shuvalov, in 2013 another minor stake in Rosneft might be sold.

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