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Russian PM signs decree on selling 50.075% stake in Bashneft

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Russian PM signs decree on selling 50.075% stake in Bashneft

Prime Minister of Russia, Dmitry Medvedev, signed a decree, according to which the public joint stock oil company Rosneft buys 50.075% stake in Bashneft oil company for $5.28 billion, TASS reports.


This is what Dmitry Medvedev said on the 10th of October over the course of a meeting with the Cabinet. He added that the payment for the shares has to be made before the 14th of October. According to Prime Minister, VTB Capital will act as an agent in the deal.

The revenues from the deal will come to the Russian federal budget and the Federal Agency for State Property Management (Rosimushchestvo) will control it.

“These revenues were taken into account in forming the revenue base of the Russian budget for the current year,” specified Medvedev.

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