Russia’s Economy Ministry is working towards finalizing a framework of mid-sized oil producer Bashneft’s privatization where new bidders for the state’s stake could emerge, the ministry said on Wednesday.
In emailed reply to Reuters questions, the ministry said it was working on finalizing “parameters, demand, valuation and the form” of oil firm’s stake sale. The state has planned to sell nearly 51 percent stake in Bashneft.
“It may happen that new bidders may emerge… Privatization could happen anytime in 2016”, the ministry said. It added that Ernst & Young valuation of the stake of between 297 billion rubles to 315 billion rubles ($4.6-4.9 billion) remains relevant till the end of this year.
(Reporting by Denis Pinchuk, editing by Katya Golubkova).
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Source: Reuters.com
