The government will sell “Rosneft” and “Bashneft” for 1 trillion

The government will sell “Rosneft” and “Bashneft” for 1 trillion

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As have informed “news” in the Ministry of Finance, income from transactions already incorporated in the 2016 budget

Photo: TASS/Sergei Savostyanov

The government decided on the privatization of major oil assets by the end of this year because of the budget situation. The Ministry of Finance had set in the draft amendments to the budget of the current year additional dividends from Rosneftegaz from the sale of shares of “Rosneft” at the level of 700 billion roubles, and revenues from privatization of “Bashneft” in the amount of 306 billion rubles. This “Izvestia” said the Director of the Department of revenue of the Ministry of Finance Elena Lebedinskaya. Thus, the budget receives the necessary trillion for reaching an acceptable level of budget deficit of 3.7% of GDP. According to the two sources of “News”, at first “Rosneft” acquire “Bashneft”, and then will be put up for sale itself.

The Finance Ministry on Monday introduced amendments to the budget this year, which surprised by high incomes (13,37 trillion rubles). It was expected that revenues will be 0.5–1 trillion rubles less. If the cost structure was disclosed in the amendment, then the income has caused the experts questions.

— Income is indeed taken into account the additional dividends from Rosneftegaz according to the results of the expected sale of the stake to Rosneft, the estimated 700 billion rubles, based on the packet size and market quotes. Without this change, revenues would have amounted to more than a trillion, — said Yelena Lebedinskaya.

I expect the Finance Ministry and “Bashneft”.

— “Bashneft” at the moment belongs to the state directly, it is a privatization, it is accounted for in the funding sources. From this transaction it is planned to receive about 306 billion roubles, — said the Director of the Department of revenue of the Ministry of Finance.

The government last year declared its intention to sell a 19.5% stake in Rosneft. Initially it was planned that the proceeds from the transaction will amount to 500 billion rubles. Then the government increased the estimate to 650 billion rubles. The Minister of Finance Anton Siluanov called “greedy” investors do not participate in the transaction. 700 billion is exactly 19.5% of the current capitalization of the company (3,59 trillion rubles). The government owns the shares of “Rosneft” not directly, but through “Rosneftegaz”, which is 69.5% of the shares in the oil company.

The controlling stake of “Bashneft” (of 50.08%) was estimated to be 300 billion rubles, and its market value today — 240 billion rubles. Because the Ministry of Finance expects to sell it at a premium to the market (+27,5%), most likely, we are talking about a strategic investor. It may also be “Rosneft”, said the source “Izvestia”.

According to analyst GK ТeleTrade Michael Podolskogo, 700 billion rubles for a package of 19.5% of “Rosneft” seems slightly excessive amount, but overall to gain for the sale of package 650-700 billion rubles is quite real. The stake in Bashneft a size of 50.08% and is estimated at 306 billion is consistent with its fair value.

Market is perceived as the most real applicants for purchase of “Bashneft” of the two candidates: “Rosneft” and “LUKOIL”. But at the moment the General consensus in the market suggests that only “Rosneft” really able to offer for a controlling stake in Bashneft those funds, expected power, — said the analyst.

According to Mikhail Podolskogo, “Rosneft” interested in buying Bashneft, as the acquisition of oil refineries of high quality will help to improve the depth of processing.

At the same time “LUKOIL” has refused idea of purchase of “Bashneft”, reported close to the oil company source. Vice-President of “LUKOIL” Leonid Fedun has previously stated that the company does not intend to overpay for “Bashneft”.

The press service of the Ministry of economic development reported that “in the framework of project, the investment consultant, to conduct the necessary procedures”. The Federal property management Agency on the request of “Izvestia” is not answered.