UPDATE: Russia to privatize Rosneft until December 15 – official

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MOSCOW, Nov 29 (PRIME) -- Russia must finish privatization of 19.5% in state-owned oil major Rosneft by December 15 through either a sale to an investor or to the company, presidential aide Andrei Belousov told reporters on Tuesday.

“We have the government’s ruling that the deal must be closed until December 15. It will either be an investor or a buyback,” he said.

“The company’s management should submit a proposal first, but the deadline is very tough. And we also have to have a meeting of the board of directors before that, and the government has to issue corresponding rulings.”

“I have sent a letter to (Rosneft CEO) Igor Ivanovich Sechin and the management so that Rosneft defines the format of privatization as soon as possible. I can even name the deadline – it is set for December 1,” he said.

Earlier in November, the government issued a ruling that state energy holding Rosneftegaz must sell 19.5% in Rosneft until December 5 for at least 710.8 billion rubles and settlements with a buyer must be finished by December 15.

First Deputy Prime Minister Igor Shuvalov said earlier that privatization in the form of a buyback is possible as a temporary measure before the sale on the market in order to attract money necessary for the 2016 budget.

(64.9153 rubles – U.S. $1)

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