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18

Government To Sell Up To Half of Rosneft

The company may offer between 7 percent and 8 percent of its shares to minority shareholders in the units

Russia?s state-run oil giant Rosneft plans to consolidate its units by the end of the year as it prepares for an initial share sale, to 49% of shares.

The company may offer between 7 percent and 8 percent of its shares to minority shareholders in the units, Rosneft president Sergey Bogdanchikov said, cited by Interfax agency.

Between 10 percent and 12 percent may be sold before the IPO to lower the company's debt burden.