Rosneft claims shareholders’ rights in dispute with Chechnya

MOSCOW, Mar 31 (PRIME) -- Russian oil major Rosneft has had its assets in the republic of Chechnya assessed by a reputable auditor, and although the company understands the republic’s problems, it cannot reduce asset value at the expense of shareholders, a spokesperson for Rosneft told PRIME late on Thursday.

“The assets have been assessed by a respectable international “big four” company on the basis of market value. Our approach to selling the assets has been approved by the government and the president,” the spokesperson said.

Chechnya head Ramzan Kadyrov earlier said he sees the price at which Rosneft offers its assets to the republic is too high and promised to seek a fair deal.

“We understand the Chechnya republic’s problems really deeply, but the company has not right to discount the assets at the expense of shareholders. We are in a meaningful dialogue with the republic’s government… and are ready to look for compromises, but our power is limited by an obligation to protect shareholders’ rights,” the spokesperson added.

Kommersant business daily reported in February that Rosneft wants to sell 51% in Grozneftegaz and other assets in the republic of Chechnya to the republic for 12.5 billion rubles. Rosneft has submitted valuation of the assets made by PwC to the Economic Development Ministry.

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