Rosneft for sale

The Russian government will reduce its ownership stake in oil major Rosneft before the end of the year, Russian Presidential adviser Arkady Dvorkovich confirmed.

According to Vedomosti, the sales of the Rosneft shares come as the Russian government faces a serious budget deficit. The shares will be sold before the end of the year, Interfax reports with reference to Mr. Dvorkovich.

The Russian state in Rosneft in 2006 reduced its ownership stake in Rosneft with 10 percent. The state now owns 75,16 percent of the company, the biggest oil producer in Russia.

As BarentsObserver reported recently, the Russian state also intends to reduce its control in several other companies, among them shipping major Sovcomflot.

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