Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Tatars to Sell Oil Stakes

NEW YORK -- The government of the Russian republic of Tatarstan aims to sell 4 percent of its stake in oil company Tatneft to a foreign strategic partner, company Chief Rinat Galeyev said in an interview Monday.

Speaking after Russia's fourth largest oil company was listed on the New York Stock Exchange, Galeyev said the stake would be sold as part of a Production Sharing Agreement for the Romashinskoye field.

"We cannot afford to be behind companies like Shell and Gazprom and British Petroleum and Sidanko," Galeyev said.

Royal Dutch/Shell Group and British Petroleum have recently linked up with Russian partners to bid in the privatization of Russian oil company Rosneft.