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Rosneft To Halve Float Size

The float was set to be one of the biggest on record

Russian oil giant Rosneft is to halve the amount it aims to raise when it floats on the London and Moscow stock markets, according to reports.

The state-owned company had been set to generate $20bn from investors later this year.

The float, expected in July, was set to be one of the biggest on record.

The flotation has attracted controversy, not least in London where there are concerns from some quarters over the standard of Russia's corporate governance.

Rosneft's ownership of assets bought from rival Yukos has also caused concern.