Plan to sell 19.5% of Rosneft shares, will prepare by 1 August

Plan to sell 19.5% of Rosneft shares, will prepare by 1 August

Moscow. July 15. The government has identified the qualification requirements for strategic investors in the sale of 19.5% stake in Rosneft from a package state.

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As the base variant of alienation from “Rosneftegaz” of shares of “Rosneft” declared selling one or more strategic investors, one or more packages.

According to the Directive, the representatives of the interests of the Russian Federation to participate in the meeting of the Board of Directors of “Rosneftegaz”, signed by first Deputy Prime Minister Igor Shuvalov eighth of July, the text of which read “Interfax”, the strategist, who will buy shares of “Rosneft” will have to take obligations to maintain possession of purchased items within three years to prevent it from purchasing short-term investors.

In addition, the buyer must enter into a joint agreement providing for voting them “for” in respect of candidates from the state to the Board of Directors of “Rosneft”, which will provide the controlling majority of representatives.

Rosneftegaz needs to present to the Ministry of economic development until the first of August 2016, the schedule of the implementation of the deal in 2016, prepared by the investment consultant. Preliminary recommendations for candidates for strategic investors, the structure of the transaction on alienation of shares (quantity, timing, price and other conditions), a report on market value must be prepared prior to the first of September.