Rosneft, a state-owned Russian oil company, will be fully privatized over the next three to ten years, Igor Shuvalov, aide to Russian President Vladimir Putin, told reporters on Monday. The privatized oil company will have large portfolio and strategic investors, but none of them will have more than 10 percent of Rosneft shares, according to Shuvalov.
Privatization will be carried out through share sales only, he specified, Moscow Echo radio reports.
Rosneft raised $10.4 billion in its IPO in July, selling its shares at $7.55 apiece. Rosneftegaz, the main shareholder in Rosneft, sold 1.126 billion shares worth $8.5 billion, and Rosneft floated 253.875 million GDRs worth $1.9 billion.
Rosneft President Sergei Bogdanchikov said three investors had purchased 23 percent of the IPO shares: Britain’s BP bought 9 percent worth $1 billion, Malaysia’s Petronas acquired 10 percent worth $1.1 billion, China’s CNPC purchased 4 percent worth $500 million.
Russian individuals bought $755 million worth of shares. Following the IPO, Rosneft’s capitalization rose to $79.8 billion (this includes the asset consolidation program but not the additional option).
Official trading in Rosneft shares opened on the RTS on 17 July, and two days later – on the London Stock Exchange and the MICEX. Rosneft said the issue was 1.5 times oversubscribed, at about $15 billion. |
