The prevailing trend of Russian oil sector ownership over the past decade has been one of rising state control. But investors will have the chance later this year to acquire stakes in state-run oil companies Bashneft and Rosneft, as state assets are sold off to plug Russia’s budget gap. The Russian government has picked Italian bank Intesa Sanpaolo as the main investment consultant for the sale of a 19.5pc stake in Rosneft, economic development minister Alexei Ulyukayev says. The government would prefer to sell the interest to two strategic investors, and would expect to receive a premium to the market price if only one buyer is found, Rosneft chairman Andrei Belousov, who is an aide to President Vladimir Putin, claims.
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