Prime Minister signs order on privatization of 19 percent Rosneft stake, but timetable not set

Prime Minister Dmitry Medvedev has signed the order required for the privatization of 19.5 percent of shares in state oil major Rosneft that are held by state holding company Rosneftegaz.

Prime Minister Dmitry Medvedev has signed the order required for the privatization of 19.5 percent of shares in state oil major Rosneft that are held by state holding company Rosneftegaz.

The document, signed last Thursday, approves the sale of up to 2,066,727,473 Rosneft shares at a price no lower than the price of the company's IPO in 2006, the government press service said.

Reducing Rosneftegaz's stake in Rosneft from 69.5 percent to 50 percent plus one share is part of the privatization program approved in 2013. The issue of the order makes it possible to conduct such a sale, but does not set the timetable for it.

"The specific dates for the implementation of the key decisions made are not set by this order," the press service said.

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