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. Last Updated: 07/27/2016

State Earns $1.7Bln on Property in '00

Federal budget revenues from state assets and privatization exceeded 50 billion rubles ($1.76 billion) last year, Interfax quoted the State Property Ministry as saying Friday.

Revenues from privatizing state property in 2000 totaled 31 billion rubles ($1.09 billion), or 50 percent higher than expected, the ministry said. Most of that came from the sale of an 85 percent stake in the oil company Onako, which was brought for 25 billion rubles.

Revenues from the use of state property totaled 19.22 billion rubles, including 3.42 billion rubles from leasing federal property, 5.57 billion rubles in dividends, 400 million rubles from the use of assets abroad, and 9.78 billion rubles in revenue from the Vietsovpetro joint venture with Vietnam, the ministry said.

The biggest payers of dividends were gas giant Gazprom, which paid 1.27 billion rubles; oil major LUKoil paid 356.8 million rubles; national power utility Unified Energy Systems contributed 300 million rubles; Tyumen Oil Co. paid 287.5 million rubles.