First Deputy Prime Minister Igor Shuvalov said that the government resumed the privatization of “Bashneft”, pending in August. According to him, the other state company — “Rosneft” — will be allowed to participate in the transaction
“Bashneft” for sale again
Shuvalov said on Friday night at the forum in Sochi that the government resumed the privatization of “Bashneft”. In mid-August, Prime Minister Dmitry Medvedev decided to postpone this transaction to a later date, but sources in the government said that the sale may not take place this year.
“We’ll decide in the next few days, maybe even today [30 September] signed a decree, however, we the materials are all derived from government, they are from yesterday are working intensively,” — said Shuvalov. He added that on Friday, the documents on privatization of the company will not be published.
Three reasons against
In mid-August, Federal officials told RBC of three the reasons for the postponement of privatization of “Bashneft”. “First, really thought after receiving the applications, whether it is necessary to sell the entire company at such a low market. Secondly, there is also 19.5% of “Rosneft” and other companies that you can sell. Thirdly, he played the letter of the head of Bashkiria Rustem Khamitov, who proposed to postpone the privatization”, — he explained. Then in an interview with RBC Khamitov called the government decision “by the prevalence of common sense.” According to his forecast, the whole “Bashneft” will cost more than $ 10 billion in three to four years.
According to him, will be sold all state-owned shares “Bashneft” (of 50.08%). And the other state company — “Rosneft” (69,5% of its shares belongs to state holding “Rosneftegaz”) — will be able to participate in this transaction, although earlier, the government and officials of the presidential administration were strongly opposed. “It’s kind of stupid to “Rosneft” were: one public, the company participated in the privatization of other”, — told reporters in late July, assistant to the President and Chairman of the Board of Directors of “Rosneft” Andrei Belousov.
“Rosneft” retains interest in privatization of government stake in Bashneft, told RBC on Friday, her press Secretary Mikhail Leontyev.
the second main contender for the shares of “Bashneft” — the head of LUKOIL Vagit Alekperov — an hour before the statements of Shuvalov at the world economic forum in Sochi, said that he does not expect privatization of “Bashneft” in the near future. “I don’t think that in the near future will be sold “Bashneft”, because, on the one hand, the government raises taxes, on the other hand, wants the asset to sell expensive,” he said. The representative of LUKOIL has refused further comments.
in Addition to Rosneft and LUKOIL to buy the state-owned stake of “Bashneft” going Independent oil and gas company controlled by the former President “Rosneft” Edward Khudainatov, the Fund Energy-Igor Yusufov, Antipinsky oil refinery, RDIF, “Tatneft” and “Tatneftegaz”. The representative of the FUND confirmed that the Fund, with partners, intends to participate in this transaction. With representatives of other challengers in Friday night could not be reached.
By order of the government E&Y appreciated of 50.08% of Bashneft in 297-315 billion rubles. But after the statements of the Ministry of Finance plans to seize from oil companies for additional taxes in 2017 (232 billion rubles.) this E&Y becomes “irrelevant,” said Alekperov (quoted by “RIA Novosti”). At the end of trading on the Moscow stock exchange on Friday, the package was worth 259,11 billion rubles.
1 trillion for the three months
on Friday evening, Shuvalov also said that the government embarks on privatization and the second largest asset is 19.5% of “Rosneft”, according to “RIA Novosti”. From the sale of “Bashneft” and “Rosneft” the government intends to raise more than 1 trillion rubles, he said. We are talking about the amount of slightly more than 1.1 trillion rubles, told RBC Federal official. “We have shown interest in the form of letters he received investconsult [Italian Bank Intesa] and itself “Rosneft”, — said Shuvalov.
Deputy Prime Minister not named applicants on “Rosneft”, but said that they are interested in buying “small packets”, which together account for just 19.5 per cent. According to him, it is about “foreign investors”. Among the main contenders for promotion this company was called the Chinese CNPC and Indian ONGC.
This package on the Moscow stock exchange on Friday was worth 708,4 billion rubles. Thus, the market price of state shares of “Bashneft” and “Rosneft” on Friday was a little less than 1 trln RUB — 967,5 billion rubles.
the Ministry of Finance lays in the 2016 budget revenues from privatization of “Rosneft” and “Bashneft”, said Friday the Minister of Finance Anton Siluanov. The deficit this year could rise to 3.5–3.7% of GDP, its size, in particular, will depend on the structure of the deal “Bashneft”, he added.
the Government resumed the sale of “Bashneft” and kept the plans for the sale of “Rosneft” to the end of 2016 to close the burgeoning budget deficit, says a senior UBS analyst Maxim Moshkov. He believes that to sell its shareholding in both these companies worth about 1 trillion rubles in current market conditions really. But if the sale of shares in Bashneft won’t be a problem because of the large number of applicants, then sell 19.5% of Rosneft difficult due to high prices and major requirements for applicants, the expert adds. In particular, the buyer will not be able within three years to sell this package and must enter into a joint agreement with the Federal property management Agency or “Rosneftegaz” which involves voting for candidates from the state to the Board of Directors of “Rosneft”, according to the Directive of the government (RBC has a copy).
the Resumption of privatization of “Bashneft” can be due to the fact that the government managed to settle the dispute relating to the interest in the asset to Rosneft, says the head of “Fiscal policy” the Economic expert group Alexander Suslin. The government decided to sell the asset not because of the increase of the budget deficit, since it was clear that he would be more than laid down in the law on the budget, she adds.
In late August, when it was decided to postpone the privatization of “Bashneft”, “Rosneft” Igor Sechin asked the government the following scheme: Rosneft is buying control of Bashneft for $ 5 billion (315,79 billion at Friday’s exchange rate), and then Rosneftegaz sells 19.5% of “Rosneft” for $ 11 billion (693,74 bn), reported Bloomberg, citing its sources. The Minister of economic development Alexei Ulyukayev called the rating of 19.5% of “Rosneft” in $ 11 billion is “close to reality”.
the Portfolio Manager GL Asset Management Sergey Vakhrameev considers the implementation of such a scheme is most likely. But to commit both transactions before the end of 2016 will be difficult, experts say. In addition, the acquisition of Bashneft is unlikely to greatly increase the capitalization of “Rosneft” says Vakhrameev, especially if the deal is absolutely above market price.
With the participation of Anton Feinberg
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