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No Rosneft Privatization Planned in 2014, Shuvalov Says

ST. PETERSBURG — Russian government does not plan to privatize any stakes in the country's biggest oil company Rosneft this year, Deputy Prime Minister Igor Shuvalov said at the annual economic forum in St. Petersburg.

"Today we do not see any strong need to do it," he told a group of reporters.

The government mulled selling 19.5 percent stake in Rosneft this or next year, Prime Minister Dmitry Medvedev told Bloomberg Tuesday.

Shuvalov arrived late at the forum on Thursday afternoon due to urgent meeting with cabinet members in Moscow, where they discussed the country's budget. Upon arrival he said there is no pending need to pursue the privatization plan today.

"Today we have no reasons to come to the market and discuss the potential purchase with investors. Today the situation with the country's budget is stable, so we do not planned any additional income as a result of this kind of privatization," he said.

Due to weakened ruble the government will receive an additional 900 billion rubles ($30.8 billion) in 2014, Economy Minister Alexei Ulyukayev said in April.

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