Russia Sticks To Estimates Of 20-30% Premium To Bashneft Mkt Cap

Reuters

MOSCOW, Aug 5 (Reuters) - Russia's Economy Ministry is sticking to its earlier estimates that the government's stake in mid-sized oil producer Bashneft must be sold at a 20-30 percent premium to its market value, the economy minister was quoted as saying on Friday.

Alexei Ulyukayev was also quoted by Russian news agencies as saying that state oil company Rosneft had submitted a bid for a 50.08 percent stake in Bashneft but its participation in the sell-off "is not expedient".

He also added that the stake sale in Rosneft might not happen this year. But without the privatisation of Rosneft's stake the government might not receive the targeted 1 trillion roubles ($15.3 billion) in privatisation proceeds this year, he said.

(Reporting by Denis Pinchuk; writing by Katya Golubkova and Denis Pinchuk; editing by Dmitry Solovyov)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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