Rosneftegaz Preparing to Transfer Funds to Russian Government

Rosneftegaz, the owner of a majority stake in Rosneft, has received the funds, in the amount of 710.8 billion rubles, from the sale of a 19.5-percent stake in Rosneft to a consortium consisting of the Qatar Investment Authority (QIA) and the Glencore mining company.

MOSCOW (Sputnik) – The deal on the sale of the Rosneft stake is worth 692 billion rubles ($11.32 billion). The entire amount will be transferred to the Russian government alongside 18 billion rubles through additional Rosneftegaz dividends. The total amount to be gained by the state budget is therefore 710.8 billion rubles ($11.6 billion at the current exchange rates).

"All the funds from the sale have been accumulated on Rosneftegaz accounts," the company said in a Friday statement adding "Preparation is underway for the transfer of the funds to the state budget of the Russian Federation."