Rosneft set for $10.4 billion flotation

20-07-2006

Rosneft set for $10.4 billion flotation
Rosneft has named its debut share price as $7.55, valuing the firm at almost $80 billion, with the Russian oil giant hoping to raise $10.4 billion (£5.7 billion) through flotation.

The Russian government and the Moscow-based firm have sold 1.4 billion shares at only 30 cents less than the predicted price, but the flotation could yet by scuttled by a last-ditch legal attempt from fierce rival Yukos.

Once Russia's biggest oil exporter, Yukos has been largely unwound and its assets sold off over the last two years after Moscow found it guilty of fraud and tax evasion, but the firm is claiming that Rosneft's seizure of its Yugansk oil facility and ensuing tax bill-settling sale was against the law.

Rosneft has been among the major beneficiaries of Yukos' decline, but the latter has already been informed by the UK Financial Services Authority that there is no reason to stop the public listing from going ahead relating to a previous claim.

Representatives of Rosneft have dismissed Yukos' allegations as desperate attempts to prevent the deal that will "have no effect" on flotation.

If and when the flotation finally goes ahead, it will be the largest in Russia's history and among the ten biggest in the world.

Related categories: Management / Business, Manufacturing / Industry, International / Overseas.


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