Sources: Rosneft to participate in Bashneft’s privatization

MOSCOW, Oct 4 (PRIME) -- The board of directors of Russian state-owned oil major Rosneft has approved participation in privatization of a 50.08% government stake in oil company Bashneft, sources familiar with the matter told PRIME Tuesday.

Rosneft said in a separate statement that the board approved a large deal, and a representative of the company said that the deal’s details will be announced later.

On September 30, First Deputy Prime Minister Igor Shuvalov said that the government has decided to resume preparations for the sale of its stake in Bashneft, and oil major Rosneft was granted access to the deal. On Monday, Kommersant business daily reported that the government is discussing allowing Rosneft to buy the stake for about 325 billion rubles without an auction.

(62.5477 rubles – U.S. $1)

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