China’s CNPC will consider participation in the privatization of “Rosneft”

The Chairman of the Board of Directors of China national petroleum Corporation (CNPC) Wang Yilin, said that the company will consider the possibility of privatization of “Rosneft”. He reported about it in interview to TV channel “Russia 24”.

“From our side there is interest. Will be formed when the offer from “Rosneft” on privatization of the shares, we will examine in detail, as the partnership with the company to the us has strategic character and is an important element of cooperation between the two countries,” said Yilin. (quoted by TASS).

About the interest to CNPC of privatization of “Rosneft” it became known in April. This was announced by first Vice-President of CNPC Wang Juncai in the National oil and gas forum in Moscow. The Chinese Corporation formed a working group that has been studying the issue of participation in privatization. Junzi, said that CNPC has not determined the amount of the stake in Rosneft, which could buy the company.

For the first time, CNPC is interested in the privatization of Rosneft in 2014, told RBC official of the government. Then in the Cabinet for the first time details of the discussion were the sale of 19.5% of the company. According to the interlocutor of RBC, the Chinese definitely do not sell all of 19.5%, as the government and itself “Rosneft” does not need such a large shareholder.

In may the Minister of economic development Alexei Ulyukayev said that the investment Advisor for the privatization of 19.5% of Rosneft will become the Italian Bank Intesa Sanpaolo. A month earlier, Ulyukayev also said that a legal Advisor for privatization of the company will become firm White & Case. Investment Advisor selected by the Italian Bank Intesa.

The property of the state includes 69.5% of Rosneft through state-owned holding company Rosneftegaz, the Board of Directors which is chaired by the President of “Rosneft” Igor Sechin.

In 2016 the government intends to privatize 19.5% of Rosneft, a 50.1% Bashneft, up to 25% of Sovcomflot, at 10.9% in ALROSA and VTB.