the “Oil of Russia”, 12.10.16, Moscow, 23:26
Rosneft has the money to purchase Bashneft and the redemption of their shares, which are planned to be sold under the privatization program, said Vladimir Putin. “Rosneft” declared that has not yet received orders to repurchase their securities.
accounts “Rosneft” have the means to purchase “Bashneft”, and also temporarily buy back own shares. This was stated by President Vladimir Putin at a meeting with government members on Wednesday, reports “Interfax”.
Putin said this, commenting on the sale of “Rosneft” controlling stake “Bashneft”. He said that he had previously instructed “relevant authorities” to conduct an audit, which confirmed there are sufficient funds in the accounts “Rosneft”. “Indeed, it was confirmed that the money in the accounts of the company, there are additional funds from the market, with the domestic financial market at the end of all operations, including sales, and if necessary, temporary acquisition and redemption of shares “Rosneft”, the company will not need,” — said Putin.
the Head of state added that “Rosneft”, according to him, already listed 329,7 billion RUB over the controlling stake of “Bashneft”. Itself “Rosneft” on the evening of 12 October announced that it transferred the money to the budget.
the Press Secretary of “Rosneft” Mikhail Leontyev told RBC that the company has no orders or instructions of the government on redemption of own 19.5% of the shares. However, he confirmed that in the case of such a designation, the money in the accounts “Rosneft” there are loans from the outside it will not be necessary.
“Careful privatization,”
Wednesday, 12 October, Rosneft closed the acquisition of 50.08% of “Bashneft” for 329,69 billion rubles, the Government planned to sell the package as part of privatization and summer has received non-binding bids to participate in the auction from the nine applicants. The privatization of “Bashneft” was postponed in mid-August and resumed on 30 September and in early October the government ordered to sell the government’s stake in Bashneft Rosneft directly, without bidding.
the privatization Process is not terminated, said Vladimir Putin at the forum “Russia calling!” on Wednesday: “We say that she “Rosneft” in big volume 19,5% — to be privatized, and private, and we do not exclude foreign investors, isn’t that privatization? But is privatization a neat, keeping in mind the synergistic effect to get the maximum win from the point of view of budgetary and fiscal interests.”
“$ 32 billion of available funds”
Until the end of 2016, the government plans to privatize 19.5% of Rosneft, hoping to gain for the package of $ 11 billion.
In early October claimed to “Bashneft” the Fund “Energy”, commenting on the decision of the government, the company admitted that the privatisation of Rosneft, the company may purchase its own shares. It “is a perfectly normal market mechanism in the world practice in all sectors of the economy,” pointed out a Fund controlled by former energy Minister Igor Yusufov.
This variant of privatization of “Rosneft” is really being discussed in the government, wrote the newspaper “Vedomosti”, citing a source. According to the interlocutor of the edition, as a result of this transaction, the budget may receive from “Rosneft” and over 700 billion rubles., and then the company will be able to calmly implement this package and make money on the resale of own shares. “The budget need money now and fast to find investors for this package will not work — the Chinese are cautious, look at US, the Indians just bought a large oil assets, they need to digest, but European investors will not buy. At the very same “Rosneft” there is money ($ 20 billion in the accounts — advance payment from the Chinese and the proceeds from the sale of assets), plus they can raise money in the market”, — explained the interlocutor of “Vedomosti”.
Rosneft is ready to buy its own shares from Rosneftegaz, said Mikhail Leontyev. “We love your shares. In General it is a trivial procedure in any company. If we have the opportunity to purchase our shares, we are very seriously considering this issue, proud of it and not ashamed”, he told the radio station business FM.
the Minister of economic development Alexey Ulyukaev in interview to TV channel “Russia 24″ October 10 reported that the accounts of “Rosneft” are “about $ 32 billion of available funds and assets”, so the acquisition of 50.08% Bashneft “is not to her fundamental problem.”
Earlier, Raiffeisenbank analysts calculated that at the end of the second quarter of 2016 on accounts and short-term deposits Rosneft had about $ 16.6 billion, taking into account other current financial assets and long-term deposits of $ 22.4 billion $ 4 billion the company may obtain from transactions in “Vankorneft” and “TAAS-Uraha” to the Indian investors (sale of 23.9% stake in “Vankorneft” and 29.9% “TAAS-Yuryakh oil and gas” by a consortium of Oil India, Indian Oil Corporation and Bharat Petroresources, and sales 11% “Vankorneft” ONGC), they noted.
To repay the debt in the second half of “Rosneft” needs to spend $ 4.7 billion, so she has enough money to buy not only state-owned “Bashnefti”, but also of its own shares, pointed the experts of Raiffeisenbank.
Lyudmila Podobedova, Yuliya Kotovaread More at http://www.oilru.com/news/537187/
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