Assistant to the President of Russia and head of the Board of Directors of “Rosneft” Andrei Belousov asked the Executive Director of the company Igor Sechin to determine the method of sale of 19.5% stake from the state in the framework of privatization. On his letter to Sechin Belousov told reporters Tuesday, 29 November, reports TASS. The answer is “Rosneft” should give to 1 December.

Directive of the government provides for transfer of budget funds from the sale of 19.5% of “Rosneft” until 15 December. “December 15, should come money. In order to fit in, we need to Rosneft until December 1, decided on the method of privatization. Here is the letter I sent,” – said Belousov.

Examines two ways of privatization of “Rosneft”. “It’ll either be the investor, or it will be a buy back”, he said. Buy Back is redemption, that is redemption by the Issuer of its own shares.

With the proposal format should be determined by the management of the company until the beginning of December: “Here, first of all management should log in with the proposal, but the timing is very hard. And we certainly need to catch hold of the Board of Directors for this. And the government should issue appropriate directives”, – said Belousov told reporters (quoted by RIA “Novosti”).

Mikhail Krutikhin: “it is Rosneft?”

In early November the government published a Directive according to which Rosneftegaz has until December 5 to sell 19.5% of Rosneft shares at least 710,847 billion. Not later than December 15 to be completed calculations with the buyer, and until December 31, the money from the transaction must be listed in the Federal budget.

Press Secretary of the President Dmitry Peskov said the radio station Business FMthat Vladimir Putin receives information about the preparation to privatization of “Rosneft”, but it is a subject of the government: “It is the prerogative of the government to accompany such transactions. Of course, the President has the information, but I repeat: this is mainly the prerogative of the Cabinet of Ministers”.

Rustam Tankan, a leading expert of the Union of oil and gas Industrialists of Russia, said that “Rosneft” does not hurry with privatization, “just purely from the point of view of the organization should show initiative representative government, not a party to the process.” At the same time, the government is in a hurry because there is a deficit in the state budget for 2016: “the Year to be closed, and no one wants to close his deficit, the more the possibility of closing without a deficit or very small deficit exists”.

9 Nov Reuters, citing three sources , reportedthat the holding “Rosneftegaz” can partially Finance the purchase of “Rosneft” 19,5 percent of shares. “Rosneft” will return shareholder money, paying for the package, and he will forward them to the budget in the form of dividends.

In mid-October, President Vladimir Putin, commenting on the purchase by Rosneft of a controlling stake in Bashneft, announced that the company has funds to temporarily buy back own shares. Later, the head of state stressed that Rosneft’s purchase of its shares is only possible as an intermediate step before the “real privatization”.

In October “Rosneft” has involved in other privatization – bought Rosimushchestvo controlling stake (of 50.08%) of Bashneft. After that was detained Alexei Ulyukayev (at the time Minister of economic development of the Russian Federation) for extortion and receiving a bribe in the amount of $ 2 million for the Ministry of economic development issued a positive evaluation, which allowed Rosneft to acquire state-owned shares “Bashneft”. The amount of the transaction amounted to 329,69 billion.

Igor Sechin saidthat the detention in the office of the former Minister will not interfere with the plans for the privatization of “Rosneft” in accordance with the decree of the government.

Sechin asked to decide on the method of privatization of “Rosneft” till December 1 29.11.2016

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