Listen Live
    Вывеска ОАО НК Роснефть

    Privatization of Rosneft’s State-Owned Shares Impractical: Minister

    © RIA Novosti . Aleksey Nikolskiy
    Business
    Get short URL
    0 14

    According to Russian economic development minister, the focus should be on foreign currency rates when attempting to sell the state-owned shares that make up 19,5 percent.

    BEIJING, November 8 (RIA Novosti) — The privatization of the state-owned shares of Rosneft is impractical under the current conditions, Russian Economic Development Minister Alexei Ulyukayev said Saturday.

    “I think yes; we are discussing it, but I think it is logical,” Ulyukayev told reporters, adding that the focus should be on foreign currency rates when attempting to sell the state-owned shares that make up 19,5 percent.

    Earlier, the Russian authorities announced they were ready to sell the state-owned shares of Rosneft under the condition that their price would not be lower than the initial public offering, which was $7.55.

    The announcement comes following a spike in the weakening of the ruble this week. The Russian Central Bank announced on November 5 it had dramatically reduced its support for the national currency pursuing the transition to the so-called "free floating" currency exchange policy.

    Related:

    Deal Between Rosneft, NADL, Seadrill to Be Delayed Till May 2015
    Rosneft's Request for Financing Inconsistent: Minister
    Reports of Rosneft Preparing Anti-Sanction Proposals False: Kremlin
    Russia's Rosneft, Gazprom May Join Efforts for Arctic Technologies Development
    Rosneft Asks for $49 Bln From Russia's National Wealth Fund
    Tags:
    business, Rosneft, Alexei Ulyukayev, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik