The government is considering three options for the privatization of “Rosneft”. It is reported by “Vedomosti” with reference to three Federal sources.
The price of the sold share, at 19.5% is 600 billion rubles, According to officials, the first scheme involves selling part of the package — to 4% — in the public market and the rest of the package to a strategic investor. It shallows because of the inability to obtain a premium to the current price. The second scheme envisages selling the whole package to a strategic partner and receive a premium for control. However, officials noted that such investors are hard to find.
The third option involves the issuance of convertible bonds. In order to issue bonds at high rates due to the debt load, their release may not itself deal with Rosneft, and its parent company — 100% state-owned Rosneftegaz: the paper will be provided by Rosneft shares and bonds of “Rosneftegaz” will be perceived as reliable bonds of quasisovereign without any debt.
The government intends to reserve the right to decide to convert bonds in the future or not, said one of the officials. It will depend on how much it will cost “Rosneft” at the time of conversion.
The Finance Ministry, this scheme is not like, the sources noted. The first defect is that it is delayed privatization, a deferral which will have to pay the interest on the bonds. Second — the question does not hang if the money from Rosneftegaz. The privatisation revenues come to the budget via dividend payments from net income, and want to increase to 50%. However, the bonds on the balance sheet can’t go to the payment of dividends.
One of the interlocutors of “Vedomosti” said that the money will go to the budget, several schemes have been developed, however, he declined to explain the details. Another official said that there is a scheme whereby Rosneftegaz will place bonds and use the money to buy OFZ Treasury.
Representatives of the Ministry of Finance and Rosneft declined to comment. To contact “Rosneftegaz” the newspaper failed.
On 25 February, two officials of the government said that the Directive on the preparation to privatization of “Rosneft” has signed five days before the first Vice-Premier Igor Shuvalov. The paper did not specify the size, which is expected to sell during privatization, but said one of the interlocutors, the MAYOR and Rosneft agreed to sell 19.5% stake.
That in the course of privatization can be used the mechanism of the convertible bond issue, announced in early February, Finance Minister Anton Siluanov. “Now consider the question of issue of convertible bonds in account of privatization transactions. And our, let’s say, companies in the oil, which we sell today will be worth in 3-5 years is much higher. So we can now issue bonds on account of share sold, privatized shares, in excess of the cost of today’s package of shares. Investors will buy it,” he said.