Rosneft Stake Cut Eyed

May 21, 2013

The government's stake in oil company Rosneft could be cut from 75 percent to 51 percent in the future, Prime Minister Dmitry Medvedev said.

"We could bring the stake down to 51 percent," Medvedev told reporters on Saturday.

A 51 percent stake in Rosneft is the level to which the government's interest can be reduced without the danger of losing control, he said.

The Economic Development Ministry is considering selling up to a 19.5 percent stake worth 500 billion-550 billion rubles ($16 billion-$17.7 billion).

Under the law on mineral resources, only companies with a government stake exceeding 50 percent have the right to operate on the continental shelf.

(MT)

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