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Russia to sell Rosneft stock in $59 billion plan to cut deficit

October 21/2010

(Bloomberg) -- Russia plans to sell as much as 15 percent of OAO Rosneft, its biggest oil producer, as the government seeks to raise 1.8 trillion rubles ($59 billion) in asset sales in the next five years to help balance the budget.


Prime Minister Vladimir Putins government approved the plan to sell stakes in about 900 companies, including lenders OAO Sberbank and VTB Group, First Deputy Prime Minister Igor Shuvalov said late yesterday.

The government will use some of the revenue to narrow its budget gap to 1.8 trillion rubles, or 3.6 percent of gross domestic product, in 2011 from an estimated 5.3 percent this year. Russia had a shortfall of 5.9 percent last year, its first deficit in a decade, after the economy posted its biggest contraction on record. Putin said Oct. 5 that the country will balance the budget by 2015.

The Finance Ministry in July proposed selling minority stakes in 10 companies, including Rosneft, Sberbank and VTB, as part of a three-year privatization plan.

Russia to sell Rosneft stock in $59 billion plan to cut deficit

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