Home / Mid-East / Syria / Putin Approves Privatization of Bashneft Oil Company

Putin Approves Privatization of Bashneft Oil Company

Russian President Vladimir Putin has authorized a privatization of state oil association Bashneft, a RIA Novosti news group reported Tuesday.

The association was one of dual oil firms that Economic Development Minister Alexei Ulyukayev noted as expected possibilities for privatization progressing this year.

Officials have touted a vital sale of state companies as a approach to fill a gaping hole in bill revenues due to a low cost of oil.

As Bashneft had already traded on batch markets, it would be easier to sell than other state companies, Ulyukayev pronounced to a TASS news group in February.

The Kremlin now owns a 50 percent share in a company, with a informal supervision in a commonwealth of Bashkortostan owning an additional 25 percent.

State-owned bank VTB and solid association Alrosa are also expected possibilities for privatization, RIA Novosti reported.

Article source: http://www.themoscowtimes.com/article/569709.html