Sechin: privatization of “Rosneft” should precede its state support

Sechin: privatization of “Rosneft” should precede its state support


For the purposes of privatization need to take the price of the last transaction, current quotations are not referential in terms of sanctions and other restrictions, says the head of “Rosneft”.

EKATERINBURG, 25 Nov. The head of “Rosneft” Igor Sechin believes that the company’s privatization should be preceded by implementation of measures of its state support, in particular, on a number of projects, this will attract strategic investors.

“I think that for the purposes of privatization need to take the price of the last transaction, because the current quotes are not referential in terms of sanctions, in terms of the number of other restrictions,” — said Sechin, noting to journalists that expresses his opinion on the matter as an expert.

“Capitalization of the company in terms of price, market conditions, the fundamental value of the company is not reflected by current prices. Therefore, for the purposes of privatization need to take the last trade price is the price, sell shares — the dollar 8,12…. This approach, first, will protect minority shareholders… I believe that the implementation of this approach will make it completely legal and selling shares, and will ensure that the interests of minority shareholders”, — said Sechin.

“I certainly thought we should have a program to support the company to realize that an additional, say, the arguments will give to investors,” he said.

“Measures to support the resource base, for example, additional, and some infrastructure projects, for example, on networks, something…. This set of measures, prior to the sale, would have helped to find all strategic investors who would be willing to agree to these terms. As I said, the prospects for the company’s positive fundamental value of the company allows to go on… the capitalization of 100 billion (dollars — ed.) and more, up to 120-130 billion, but we must remember, of course, that the current estimates are accepted quote price”, — said Sechin.