Russia’s RDIF not to partake in privatization of Bashneft

MOSCOW, Oct 7 (PRIME) -- The Russian Direct Investment Fund (RDIF) and its partners have refrained from participation in privatization of a 50.08% stake in oil company Bashneft as the price is too high, RDIF CEO Kirill Dmitriev told PRIME late on Thursday.

“The RDIF and its international partners will not take part in privatization of Bashneft as the sum requested to the stake in the company has significantly exceeded the initial estimate,” Dmitriev said.

Earlier on Thursday, the government allowed state-owned oil major Rosneft to buy the stake for no more than 330 billion rubles by October 15, the government said. Previously, EY estimated the asset’s cost at 297–315 billion rubles.

(62.3900 rubles – U.S. $1)

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