PRESS: Russian govt hopes to sell Bashneft to strategic buyers

MOSCOW, Jul 26 (PRIME) -- The Russian government would like to sell oil company Bashneft to one or several strategic investors rather than on the market, business daily Vedomosti reported on Tuesday, citing Director of the Federal State Property Management Agency Dmitry Pristanskov.

“A sale to a strategic investor or to several strategic investors seems more justified in the current situation,” Pristanskov said. He said that this way of selling the asset will allow the government to reap significant profit for state coffers and to ensure synergy in company management, while a market sale is dangerous as state revenue will depend on the oil price in this case.

A final decision will be made after privatization manager VTB Capital has submitted its proposals, Pristanskov told the daily.

Oil companies Lukoil, Independent Oil and Gas Company and Tatneftegaz earlier expressed interest in the asset. The Russian Direct Investment Fund (RDIF) was earlier also in negotiations with the Kremlin to involve Asian investors in the privatization of Bashneft.

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