Rosneft privatisation: The Russian government has published the criteria that anybody wanting to participate in the forthcoming sale of its 19.5% stake in the Rosneft oil company will have to meet as it looks to raise $11bn to shore up its struggling economy.
- Investors will be required to hold on to any shares purchased for a minimum of three years
- They will be required to sign a shareholder’s agreement that obliges them to vote in favor of any government member who applies for a seat on Rosneft’s board of directors
- They must be free of debt and have no convictions of corruption; alternatively any potential investors with debt will be obliged to present a plan for the consolidation of that debt
A preliminary list of candidates for the purchase of the shares is to be submitted to the government by the beginning of September.
The sale of government shares in Rosneft is part of the country’s largest privatisation programme since the 1990s which began last week with the successful sale of a 10.9% stake in the Alrosa diamond mining operation which raised $816m.