UPDATE 2: Russian economic ministry says Bashneft’s sale to Rosneft closed

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MOSCOW, Oct 12 (PRIME) -- The purchase by Russian state-owned oil major Rosneft of 50.0755% government’s stake in oil company Bashneft is closed, the Economic Development Ministry said in a statement Wednesday citing Minister Alexei Ulyukayev.

Rosneft said in a statement that it has already transferred 329.7 billion rubles to the Federal Treasury.

The ministry said that Rosneft bought 88,951 shares in Bashneft.

President Vladimir Putin told a government meeting that he had ordered to check Rosneft’s accounts before Bashneft privatization, and the check revealed that Rosneft had enough money for this deal and even for a possible buyback of a 19.5% stake in the company from the government.

According to the ministry, another company made a legally binding offer to buy the stake in Bashneft, but only Rosneft’s bid exceeded 297 billion rubles defined by an independent appraiser.

The ministry and state oil and gas holding Rosneftegaz are finishing preparations necessary for privatization of 19.5% in Rosneft, the ministry said.

The ministry also plans to start selection of an investment advisor for privatization of 20% in Novorossiysk Commercial Sea Port (NCSP) very soon.

Container shipping company Sovcomflot is also in a high degree of readiness for privatization of a 25% minus one share stake in the company, and VTB Capital – the investment advisor of the deal – will submit its suggestions on the structure of privatization in October, the ministry added.

(62.1946 rubles – U.S. $1)

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