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Rosneft plans to sell Grozneftegas oil assets to the Chechen Republic

Russian oil giant Rosneft plans to sell its assets in the volatile Chechen republic to local authorities.

Rosneft plans to sell Grozneftegas oil assets to the Chechen Republic Rosneft plans to sell Grozneftegas oil assets to the Chechen Republic


Russian oil giant Rosneft plans to sell its assets in the volatile Chechen republic to local authorities, russian media reported on Februar 27, 2017.

 

The proposals include selling a 51% share in the company's Chechen subsidiary Grozneftegas to the regional government, the Kommersant reported.

The company's assets in the area were valued by PwC in January 2017 at 12.5 billion rubles ($215 million).

 

Chechen head Ramzan Kadyrov has long wrangled for greater control of the area's oil assets by asking Russian President Vladimir Putin to transfer property belonging to Chechenneftekhimprom to the Chechen government itself. Putin finally granted Kadyrov's request in December 2015.

 

According to the newspaper’s source, the offer made by Rosneft for the sale of its Chechen assets was discussed at a session of to the Economic Development Ministry.

 

The Russian government will have the final say on whether the deal takes place, but unnamed sources told Kommersant it was only a matter of time until the deal is finalized.

 

To read this news in Russian.

Source : Neftegaz.RU