Russia is racing to sell a 19.5pc stake in state-controlled oil firm Rosneft within a month, as the government's oil revenues drop sharply. First deputy prime minister Igor Shuvalov signed the decree instructing Rosneftegaz, which holds the state's 69.5pc stake in Rosneft, to finalise the sale by 5 December, without naming a buyer. The proceeds from the sale are expected to total 711bn roubles ($10.9bn), or Rbs344/share, economic development minister Alexei Ulyukayev said on 7 November. The urgency with which the sale is now being pursued reflects the government's need to shore up the state budget in the face of declining oil revenues. Russia's crude export revenues were down by 25pc on the year at $52bn in January-September, the federal customs service says.
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