The Russian government has sent requests to banks seeking proposals (RFPs) on selling stakes in mid-sized oil producer Bashneft, diamond producer Alrosa and state bank VTB, four financial sources told Reuters.
Under pressure from low oil prices, the cornerstone of the Russian economy, the government has been looking for new revenue sources to prevent its budget deficit rising above 3 percent of gross domestic product this year.
The sources said that proposals refer to selling 50.08 percent in Bashneft, 10.9 percent in Alrosa and 10.9 percent in VTB.
Based on current market capitalization, the stakes could fetch 433 billion roubles (US $6.10 billion), Reuters calculations show.
The Federal Agency for State Property Management holds 50.08 percent stake in Bashneft, while 25 percent is held by the Republic of Bashkortostan.
A fifth source, familiar with situation, said that in his understanding that it had been decided that Bashkortostan’s stake in Bashneft was “not to be touched at this point.”
The state property agency did not immediately reply to Reuters written request seeking comment.
The deadline for RFPs is March 21 but does not contain a time limit for any possible sales.
Recommended Reading
Pembina Closes $290MM Deal for Stake in Whitecap’s NatGas Facility
2025-01-02 - Pembina Gas Infrastructure closed a CA$420 million transaction to acquire interests in Whitecap Resources’ natural gas processing facility in Alberta, Canada.
Obsidian to Sell Cardium Assets to InPlay Oil for US$225MM
2025-02-19 - Calgary, Alberta-based Obsidian Energy is divesting operated assets in the Cardium to InPlay Oil for CA$320 million in cash, equity and asset interests. The company will retain its non-operated holdings in the Pembina Cardium Unit #11.
Phillips 66 Buys EPIC’s Permian NGL Midstream Assets for $2.2B
2025-01-07 - Phillips 66 will buy EPIC’s NGL assets, including a 175,000 bbl/d pipeline that links production supplies in the Delaware and Midland basins and the Eagle Ford Shale to Gulf Coast fractionation complexes.
ConocoPhillips to Sell Interests in GoM Assets to Shell for $735MM
2025-02-21 - ConocoPhillips is selling to Shell its interests in the offshore Ursa and Europa fields in the Gulf of Mexico for $735 million.
CNX’s $505MM Bolt-On Adds Marcellus, Deep Utica in Pennsylvania
2024-12-05 - CNX Resources CEO Nick Deluliis said the deal to buy Apex Energy underscores CNX’s confidence in the stacked pay development opportunities unlocked in the deep Utica.