04:33 GMT +311 December 2019
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    Medvedev Confirms Rosneft, Bashneft Privatization in 2016

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    Russian Prime Minister Medvedev said that Rosneft and Bashneft energy companies will be privatizated in 2016.

    SOCHI (Russia) (Sputnik) – Russian Prime Minister Medvedev confirmed on Friday the government’s plans for privatization for Rosneft and Bashneft energy companies.

    "Evidently, the overall direction for business support, private business development, protection of private property must be continued and backed by concrete governmental decisions, involving those on privatization… And we [the government] will do this [support the decisions] with regard to…for instance, Rosneft and Bashneft," Medvedev said at the International Investment Forum Sochi-2016.

    The Russian 2016 economic development plan specifies partial privatization of state assets to support budget revenue, which has suffered due to falling oil prices. Rosneft and Bashneft oil and gas companies, the ALROSA group of diamond mining companies, VTB bank, as well as the Sovcomflot maritime petroleum and liquefied gas shipping company, are among the companies to be partially privatized.


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