The acquisition by Rosneft of a controlling stake of “Bashneft” will have no impact on the currency market, has declared “to Interfax” the press-Secretary of Rosneft Mikhail Leontyev. According to him, the company will not convert currency for the transaction.
“Nothing to sell nor to buy nor to commit acts of this kind, we will not, because if you pay attention to the pattern of actions of our company, then you could guess that we are in this deal are ready,” — said Leontiev.
Earlier on Friday, first Deputy Chairman of the Bank of Russia Ksenia Yudaeva in an interview with Bloomberg said that the sale of Rosneft’s currency for the purchase of shares of “Bashneft” can cause a temporary strengthening of the ruble. “This may have little impact on the ruble, which other things being equal, maybe a little stronger temporarily, but not more,” she said.
On Thursday, the government promulgated directives that Rosneft’s purchase of 50.08% of shares of “Bashneft” at a price not higher than 330 billion rubles ($5.3 billion). Directives suggest that the members of the Board of Directors of “Rosneft”, which the state must instruct the head of the company Igor Sechin until October 15 to sign the contract of purchase and sale and to achieve necessary for the transaction of permits.
The government also plans in 2016 to sell 19.5% of Rosneft shares. Including discussing the scheme, under which Rosneft will buy out its own shares from state-owned Rosneftegaz for 700 billion rubles, and then sell them to a strategic investor or parts on the market, wrote “Vedomosti”. Analysts at Raiffeisenbank said that such a scheme can result in a risk of shortage of currency in the market.
In early October, Rosneft had sold shares in two of its assets — “Vankorneft” and “TAAS-Yuryakh”. The buyer in both transactions was the consortium of Indian companies including Oil India, Indian Oil Corporation and Bharat Petroresources. In aggregate, the deal has brought “Rosneft” from $3.14 billion.