Report: CNPC says seeks to raise stake in Russia’s Rosneft

MOSCOW, May 30 (PRIME) -- China National Petroleum Corporation (CNPC) is interested in boosting its stake in Russian state-run oil major Rosneft and in taking part in the company’s management in this case, Wang Yilin, chairman of CNPC’s board of directors, told Rossiya 24 television channel on Monday.

CNPC already has a minor stake in Rosneft that was purchased in 2006 during the company’s initial public offering (IPO), Yilin said.

“In case we increase our stake we would like to receive a right to participate in managing the company in full compliance with the acquired stake,” he said.

The Russian government plans to sell 19.5% in Rosneft by the end of 2016.

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