Russia should ideally wait for a return to $100/bl crude prices for further privatisation of state-controlled Rosneft to be “more efficient”, Rosneft president Igor Sechin says. But he acknowledges that in the current climate “other factors” need to be taken into account, saying management will go along with whatever Russia’s government decides. Sechin, who has opposed proposals to sell 19.5pc of Rosneft, says Russian president Vladimir Putin has established the “main principles” for the sale. Putin said last week that stakes in state-run firms should not be sold at knockdown prices in order to plug the country’s budget gap.
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