Christmas comes early for Russia with Rosneft stake sale

GlobalCapital

December 08, 2016 01:15 PM

Rosneft — The Kremlin wall, towers and cathedrals are reflected on a nameboard of state-owned oil company Rosneft's headquarters, Moscow, Thursday, Dec. 23, 2004. President Vladimir Putin on Thursday strongly defended the purchase of Yukos oil assets by a state-owned company, saying the state was protecting its interests in moving to get control of the one of the biggest production facilities in Russia. In an apparently secret deal, the state-owned Rosneft oil company bought BaikalFinansGroup, the obscure company that purchased Yukos' most important production unit in an auction Sunday. The Yuganskneftegaz subsidiary was sold for US$9.3 billion (euro7 billion), half of what foreign auditors say it was worth. (AP Photo/ Mikhail Metzel) | MIKHAIL METZEL/ASSOCIATED PRESS

The long saga of Rosneft’s privatisation ended on Wednesday evening with a surprise announcement by the Russian government of the sale of a 19.5% stake in the oil giant to Glencore and the Qatar Investment Authority.

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