Econ Ministry says no point merging Rosneft, Zarubezhneft
ST.PETERSBURG. June 22 (Interfax) - The Russian Economic Development Ministry sees no sense in merging Rosneft and Zarubezhneft, Economic Development Minister Andrei Belousov told reporters on the sidelines of the economic forum in St Petersburg.
"I've heard very many exotic suggestions. Why Zarubezhneft and Rosneft have to be merged I don't know. Rosneft and Zarubezhneft perform important strategic functions. Rosneft is a license holder and the main operator on the shelf. Zarubezhneft is a whole range of key projects abroad," Belousov said.
Belousov said he had not yet seen any documents or proposals on merging the companies. "I can't say whether I support this or not because I haven't seen any papers. As an idea I don't understand it, but maybe there is some profound meaning in it. If somebody were to explain this to us then we'd back it," he said.
Zarubezhneft is in the government's privatization plans to 2016. The government has also allowed Rosneft's parent company Rosneftegaz to bid at tenders for the sale of state assets. Experts have named Zarubezhneftegaz as the prime target for a takeover by Rosneftegaz.
