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. Last Updated: 07/27/2016

Energiya to Sell Stake

MOSCOW -- The state-controlled company that runs the Mir space station announced Friday that it was selling shares to private investors to raise funds for Russia's cash-strapped space program.

The RKK Energiya Corp. will sell 13 percent of its stock to help keep Mir in orbit. The sale is expected to yield $100 million to $120 million, Interfax quoted space officials as saying.

Energiya has been running Mir since it was put in orbit in early 1986. After the Soviet collapse, the company was partly privatized, but the government retained a controlling interest.

The Russian space program's cash shortage is so serious that officials even discussed abandoning Mir next month.