Install

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

. Last Updated: 07/27/2016

Rosneft May Sell 25% Stake

Rosneft may sell as much as 25 percent of its shares, after raising $10.6 billion last year in the country's largest initial public offering.

"We think it's enough if the Russian Federation keeps a controlling stake," said Valery Nazarov, head of the Federal Property Management Agency. "When that actually happens depends on market conditions and a government decision."

State-owned Rosneft, the country's second-largest oil producer, sold 15 percent of its shares in its IPO last July.

Nikolai Manvelov, a Rosneft spokesman, said he could not comment "on a statement made by a shareholder."

Peter O'Brien, head of financial strategy at Rosneft, said in an interview in September that the company did not plan to sell more shares. Later that month, Igor Shuvalov, an aide to President Vladimir Putin, told Vedomosti that the state would sell its controlling stake within a decade.

Bankrupt oil firm Yukos owns 9.44 percent of Rosneft and the government owns slightly more than 75 percent.

Rosneft is looking at building a $6 billion oil refinery at the end of a planned pipeline that will cross eastern Siberia to the Pacific coast, Kommersant reported Monday.

Rosneft is considering three possible sites for the plant near the city of Nakhodka, Kommersant reported, citing an unidentified person familiar with the company's declaration of intention for the construction project.