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Rosneft purchase of Bashneft stake almost done - Kremlin
October 7, 2016 / 6:11 PM / a year ago

Rosneft purchase of Bashneft stake almost done - Kremlin

MOSCOW, Oct 7 (Reuters) - Russian top oil producer Rosneft’s purchase of a controlling stake in mid-sized oil company Bashneft is “practically a done deal”, Kremlin economic aide Andrei Belousov told reporters on Friday.

“The main objective is to quickly raise money for this year’s budget,” said Belousov, who is also Rosneft’s chairman.

Russian news agencies reported on Thursday that Rosneft could pay up to 330 billion roubles ($5.39 billion) for just over 50 percent in Bashneft. Belousov said the company would pay more than other potential buyers would have.

Rosneft said earlier on Friday it was considering buying a part of the state-owned 19.5 percent stake of its own shares.

“The buyback is only one possibility. I don’t want to discuss it because it has not yet been fully decided,” Belousov said. (Reporting by Darya Korsunskaya; Writing by Jack Stubbs; Editing by Elaine Hardcastle)

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