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

    © RIA Novosti . Aleksey Nikolskiy
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    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.


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