Rosneft privatisation: China’s largest integrated energy company, the state-owned China National Petroleum Corporation (CNPC), is considering buying a stake in Rosneft when it is put up for privatisation later this year, according to its First Vice President Wang Zhongcai. A working party had already been set up to discuss the move which is due to discussed by Presidents Putin and Xi when they next meet, probably this summer, he said.
CNPC is already a Rosneft shareholder after buying a 0.7% stake in the company for $500m back in 2006. Acquiring the Russian government 19% stake is expected to cost $3bn.
With the Russian economy being battered by a combination of low oil prices and sanctions, several other major state-run enterprises are also expected to be put up for sale later in the year, including Bashneft, VTB, Sovcomflot and Alrosa.
CNPC eyes up Rosneft privatisation
Source: Interfax