Minister: China’s CNPC may get seat in bd of Russia’s Rosneft

STUTTGART, Jun 1 (PRIME) -- China National Petroleum Corporation (CNPC) may receive a seat on the board of directors of Russian state-run oil major Rosneft if it purchases a corresponding stake in Rosneft during the company’s privatization, Economic Development Minister Alexei Ulyukayev told reporters late on Tuesday.

On Monday, Chairman of CNPC’s board of directors Wang Yilin said that the Chinese company is interested in increasing its stake in Rosneft, but would like to take part in managing the company.

“What is management? Management is when one participates in the board of directors. Yes, they will (take part in management through position in the board of directors) under the corporate legislation,” Ulyukayev said.

“Of course, if they have a stake that leads them to the board of directors, they obviously will (take part in managing the company).”

He also said that German companies may take part in Russian privatization either through public offering, or as a strategic investor. “You are welcome, our doors are open, we are ready to accept (you),” he said.

Last week Finance Minister Anton Siluanov said that privatization of a 19.5% stake in Rosneft is envisaged for July–December. Besides the oil major, the Russian government encompassed privatizations of uncut diamond mining giant ALROSA, the country’s second largest bank VTB, oil company Bashneft, and shipping company Sovcomflot for 2016.

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