Rosneft privatization must be coordinated with BP - Shuvalov
DAVOS. Jan 27 (Interfax) - Any privatization of shares in Rosneft will have to be agreed with BP, First Deputy Prime Minister Igor Shuvalov said.
The government retains plans for a partial privatization of Rosneft, despite the strategic alliance with BP. Under the privatization plan approved earlier, the government will sell 25% minus one share in Rosneft before 2015, including 15% on the open market and 10% minus one share for use in an asset swap with investors.
Under the strategic alliance with BP, Rosneft will transfer 9.5% of shares to BP in exchange for 5% in the British oil major. Including the 1.4% of shares BP already holds in Rosneft, it will have about 10.8% of shares in the Russian company.
But the deal does not preclude the arrival of a new strategic investor to Rosneft. "If it improves the situation for Rosneft, for BP, because BP is an existing shareholder now. It cannot be ignored. If all that is taken into account and new alliances appear, that will be very good," he said.
But it must be understood now that BP is one of the biggest shareholders, it wants to see Rosneft develop, and plans to sell Rosneft, to raise the level of public ownership and grow the company, and it must be agreed with them, among other shareholders," Shuvalov said.
"We will sell Rosneft shares under those plans we had, beginning this year," Shuvalov said, adding that the privatization would be held when the market conditions are right.
"When we approved the privatization plan in 2010, we had in mind that the privatization plans for Rosneft would be accompanied by potential asset swaps. [The strategic alliance with BP] is a wonderful project, it is in the interests of global energy security and it benefits the shareholders of BP and Rosneft," he said.
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