Bloomberg News

Medvedev Says Russia to Keep Rosneft Control, Kommersant Reports

November 28, 2012

Russia has made no final decision on selling the government’s stake in OAO Rosneft (ROSN), the country’s largest oil producer, Kommersant reported, citing Prime Minister Dmitry Medvedev as saying in an interview.

“Everything except the control packet could be sold fearlessly, taking into consideration the situation on the market,” Medvedev said, according to Kommersant.

The government may need 20-25 percent of Rosneft shares to control the company if the remaining shares will be “dispersed” and in “significant free float,” he said.

Russia approved a privatization plan Jun. 7 that called for the government to sell its entire stake in Rosneft by 2016.

To contact the reporter on this story: Stepan Kravchenko in Moscow at skravchenko@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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