Rosneft to go fully private in a decade

18-09-2006

Russian oil firm Rosneft will go fully private within a decade, according to a senior Kremlin official.

Igor Shuvalov, Vladimir Putin's aide, said Russia's second-largest oil group was "destined" to go public and would do so in three to ten years.

But none of the firm's major investors would have stakes exceeding ten per cent, he added.

"Rosneft will be privatised in full sooner or later," Mr Shuvalov was quoted as saying.

The statement conflicts with the view of Rosneft chief financial officer Peter O'Brien, who last week told journalists he did not think more shares would be sold in the immediate future.

The state-controlled firm launched an initial public offering of 14.8 per cent of shares in Moscow and London in July, raising $10.4 billion (£5.54 billion), the fifth largest sum ever for an IPO.

BP picked up $1 billion (£0.53 billion) in shares, while Malaysian oil firm Petronas secured $1.5 billion (£0.8 billion) and CNPC $500 million (£0.27 billion).


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