Russia considering sale of Rosneft stake

Russia is considering the sale of 19.5% of state-owned OJSC Rosneft in a private transaction, the company’s chief executive officer told an Italian newspaper.

In an interview with Il Sole 24 Ore, Igor Sechin said Rosneft isn’t fairly valued on global markets, according to Radio Free Europe/Radio Liberty.

The sale would be to “strategic investors,” Sechin said.

The fiscally strained government estimates it could raise $10.5 billion from the sale.

The government owns 69.5% of Rosneft through its wholly owned Rosneftegaz. BP holds a 19.75% share. Except for one share owned by the Federal Agency for State Property Management, the remaining Rosneft shares are traded openly.

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