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Russia may reduce state’s holding in Rosneft to 51%
May 21, 2013, 8:27 am

[AP]

[AP]

Russia’s prime minister Dmitry Medvedev has said the government might cut state’s share in the country’s largest oil company Rosneft by up to 51 per cent.

The state can give up to 49 per cent of the company “without any threat of forfeiting our strategic position,” Medvedev said.

A 50 plus one stake is the necessary minimum allowing the company to operate in several projects, such as the Arctic shelf.

The roadmap on such a large scale privatisation has not been announced yet and the prime minister did not specify the timing.

Plans to privatise Rosneft have been discussed previously.

In April, Russia’s economic development ministry sent its proposals on additional privatisation in 2013 of around 19 per cent.

State-owned Rosneftegaz currently holds 69.5 per cent of Rosneft, BP – 19.75 per cent.

Daria Chernyshova