Thursday, January 11, 2018

Sechin disclose details of the deal for the privatization of Rosneft

Sechin disclose details of the deal for the privatization of Rosneft

The deal to buy 19.5 percent of shares of "Rosneft" consortium of Glencore and Qatar's sovereign fund implies a contract with Glencore for supply of hydrocarbons and the creation of a joint consortium of mining companies.

He told the head of "Rosneft" Igor Sechin during a meeting with Russian President Vladimir Putin.

"The deal is not just a portfolio investment, and is strategic and has additional features such as the conclusion of a long-term Podstavochny contract with of Glencore, the coordination of positions in the markets as a result of this work, as well as the creation of a special enterprise for production together with the consortium on the territory of the Russian Federation, and on international projects ", - said Sechin.

The head of "Rosneft" added that attracted a loan from a major European bank in the privatization package.

Payment of funds in the state budget will be made both at their own expense, and by attracting debt financing, organized by one of the largest European bankov.Igor Sechinglava "Rosneft"

Sechin also said that despite the sale of 19.5 percent of shares of "Rosneft", the value of state-owned companies to grow by 80 billion rubles.

According to Sechin, "Rosneftegas" in the coming days will begin to receive funds from foreign investors from the sale of the package. Thus together with the Finance and CBR scheme will be developed, which guarantees minimal impact on the currency market during the conversion of these means.

In turn, Putin said that the transaction was on an upward trend in oil prices. "So in that sense, time is very good," - said the president.

In this case, a controlling stake of "Rosneft" is in the hands of the Russian government, Putin said. "Overall this is a very good result and I want all of you and your colleagues who have worked in this area, thanks to this result," - he said.

On Wednesday, 7 December, the head of "Rosneft" company announced the completion of privatization.

State-owned shares bought Glencore consortium and Qatar sovereign fund, the amount of the transaction amounted to 10.5 billion euros.

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