Russia may sell a Rosneft package to Indian, Chinese companies: Bloomberg

Russian President Vladimir Putin is considering selling 19.5% of the largest state oil company Rosneft to Indian and Chinese companies. The amount of the potential deal is estimated at 700 billion rubles, or $11 billion, Bloomberg reports.

According to the agency’s source, Russia would prefer to carry out a joint deal with the two countries. If successful, this sale could set the record for privatization of the Russian state property.

Attracting the two largest Asian economies into the activities of Rosneft, which has produced more raw materials than Exxon Mobil Corp., will help the Russian president cover the budget deficit, at the same time strengthening its geopolitical position, says the agency. In addition, the transaction must balance out 20% of the company’s shares that London-based BP Plc bought in 2013.

"China and India have publicly expressed interest in the sale of Rosneft, but so far none of the parties has announced the possibility of a joint transaction," – reports the statement.

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