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Russia may cut Rosneft holding to 51%, PM says

Deals

The Russian government may cut the state’s holding in Rosneft, the nation’s largest oil company, to 51%, Prime Minister Dmitry Medvedev said on Sunday quoted by RIA Novosti. The state can reduce its holding to this level and privatize up to 49% of the company “without any threat of forfeiting our strategic position,” Medvedev said, without to specify when the privatization of part of the company would take place. State-owned Rosneftegaz currently holds 69.5% of Rosneft, while Britain’s BP holds 19.75%. In March, Rosneftegaz sold 5.66% of Rosneft as part of the deal to buy the TNK-BP oil company.

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