Privatization of “Rosneft” and “Bashneft” will discuss at a special meeting


Prime Minister Dmitry Medvedev on 16 February will hold a special meeting on privatization of major state assets this year. It will discuss the privatization of the only companies in the energy sector, said two sources in the government.

Speech at the meeting will focus on “Rosneft” and “Bashneft”, said two sources in the government. A source in Rosneft confirmed that the company’s privatization will be discussed at the meeting, but the details to discuss did not. Representatives of Rosneft and Bashneft declined comment.

That Medvedev will hold a meeting on privatisation, last week told three sources in the government. And that the assets of the FEC included in the final list for privatization this year, over the weekend said the Minister of economic development Alexei Ulyukayev in an interview to “channel one”. “In the proposals which we made and which were generally approved by the country’s leadership, among those assets that are listed there, […] have assets of TEK — “Rosneft”, “Bashneft” and other assets”, — he said.

Privatization the government had originally intended to offer 19.5% of Rosneft, Finance Minister Anton Siluanov did not rule out that the sale of this package can bring 500-550 billion rubles last week the head of the company Igor Sechin declared that privatization of the company will be profitable only at higher oil prices — at $100 per barrel. “We must wait until the price of oil will be $100, but I think that it is necessary to take into consideration other circumstances, in particular the state budget”, — he said (quoted by “Interfax”). On Monday Brent crude traded at $33,6 per barrel.

The issue of “Bashneft” at the meeting the Prime Minister discussed, since we are talking about what the company should be included in the forecast privatization plan, approved in July 2013, said a source in the government. Along with this will be discussed and the share which the government plans to sell, says the source. A source close to Bashneft said that he heard that the government is discussing an option in which after privatization in the Russian Federation will remain a blocking stake in the company, and 25% plus one share — in Bashkiria. The government will control the company through a share agreement, said the source .

Earlier “Interfax” citing a source reported that the draft Directive of the Russian government on the privatization of “Bashneft” provides for the reduction of the share of state participation in the authorized capital of the company to 25% plus one share. And sources Reuters last week reported that the government is considering the privatization of more than 50% of “Bashneft”, but may be limited to the sale of 25% over the exchange distribution. Only state property is 75% of the oil company (50% plus one share of Rosimushchestva, 25% plus one share in Bashkiria).

The question of privatisation “Transneft” Medvedev is not planning to discuss, say a government source and a source in one of the companies of fuel and energy complex, familiar with the preparations for the meeting.

However, Transneft is in the plan of privatization for 2014-2016. In December 2015, officials of the Agency told that privatisation will pass through the circuit two additional issues, which the state will keep 100% of the ordinary shares and the share in the authorized capital will decrease from 78% to 75% plus one share. In December 2015 the head of Department of property relations and privatization of major organizations of the Federal property Agency Vitaliy sergeychuk stated that the company would put the preferred shares at 30-50 billion rubles (these funds the company will Finance its investment program), before the government will pay for new ordinary shares “Transneft” property.

The transaction will take place in two stages: first, the company will issue additional common shares in favor of the state. The additional issue of ordinary shares for the plans to be held in 2016, prefs — in 2017.

Earlier the energy Ministry in its proposals on anti-crisis plan (acknowledgment) pointed out that when privatisation “Transneft” it is necessary to consider the possibility of attracting outside investors, taking into account existing in the relation “Transneft” to the sanctions and possible effects of the additional issue.

In the Federal property management Agency and the Secretariat of the first Deputy Prime Minister Igor Shuvalov, in charge of privatization, did not comment on the meeting. The spokesman recalled that the possibility of privatization of “Bashneft” and the package size are taken decisions of the government and the President.

With the participation of Lyudmila Podobedova