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. Last Updated: 07/27/2016

Government Sells Off Almost 15% Of Norsi-Oil in Special Cash Auction

Russia sold off 14.55 percent, out of 15 percent on offer, of the Norsi-Oil firm in a special cash auction, the Federal Property Fund said Monday in its Reforma bulletin.

At the auction, 224,610 shares with a nominal value of 1,000 rubles (21.4 cents) each were sold for 444,444 rubles apiece, compared with a starting price of 160,000.

In connection with the sale, which ran from Nov. 1 to Dec. 1, each share was split into 400 of 2.5 rubles.

There were 31 bids, Reforma said.

Norsi-Oil was created last year under the government's sweeping industry restructuring program. It groups four marketing units in Nizhny Novgorod and the city's Norsi refinery. The government said it would hold a 45 percent stake in the new company for three years.