The government will sell "Rosneft" and "Bashneft" for 1 trillion
The Russian government has decided to privatize major oil assets before the end of this year because of the situation with the budget. The Ministry of Finance lays in the draft amendments to the budget this year, additional dividends from the "Rosneftegas" from the sale of shares of "Rosneft" at the level of 700 billion rubles, and revenues from the privatization of "Bashneft" in the amount of 306 billion rubles. About this "Izvestia" told the director of the Department of Finance Elena Lebedinskaya. Thus, the budget gets the necessary trillion for entering the acceptable level of budget deficit of 3,7% of GDP. According to two sources of "Izvestia", at first "Rosneft" will acquire "Bashneft", and then will be put up for sale by itself.
On Monday, the Finance Ministry presented the amendments to the budget of the current year, in which surprised the high incomes (13,37 trillion rubles). It was expected, that revenues will be 0,5-1 trillion rubles less. If the cost structure has been disclosed in the amendments, the revenues have caused the experts questions.
- In the incomes is really taken into account the additional dividends from the "Rosneftegas" as a result of the expected sale of shares of "Rosneft", cash of about 700 billion rubles, based on the packet size and market quotations. Without this change the fall in income would amounted to more than a trillion, - explained Elena Lebedinskaya.
The Ministry of Finance and "Bashneft" to hope.
- "Bashneft" currently owned by the state directly, its sales - is privatization, it is accounted for in the funding sources. From this transaction is expected to receive about 306 billion rubles, - added the director of the Department of revenues of the Ministry of Finance.
The government last year announced plans to sell a 19,5 percent stake of "Rosneft". Initially it was planned that the proceeds from the transaction amounted to 500 billion rubles. Then, the government increased the estimate to 650 billion rubles. The Minister of Finance Anton Siluanov called "greedy" investors do not participate in the transaction. 700 billion rubles - this is exactly 19,5% of the current capitalization of the company (3,59 trillion rubles). The Government owns shares of "Rosneft" is not directly but through "Rosneftegas", in which 69,5% of the shares of the oil company.
The control package "Bashneft" (50,08%) was estimated at 300 billion rubles, its market value today - 240 billion rubles. The Ministry of Finance expects to sell it at a premium to the market (+ 27,5%), most likely, it is a strategic investor. According to a source of "Izvestia", it can act and "Rosneft".
According to the analyst TeleTrade Michael Poddubskogo, 700 billion rubles for the stake of 19,5% of "Rosneft" seems a little excessive amount, but overall gain for the sale of a package of 650-700 billion rubles is quite possible. Package "Bashneft" the size of 50,08% and an estimated 306 billion rubles is consistent with its fair value.
- The market perceived as the most real contenders for the purchase of "Bashneft" of the two candidates, "Rosneft" and "Lukoil". But for the moment the general market consensus suggests that only "Rosneft" is really able to offer for a controlling stake in "Bashneft" the means to which power is expected, - the analyst believes.
According to Mikhail Poddubskogo, "Rosneft" are interested in purchase of "Bashneft", because the purchase of high-quality refinery will improve the situation with the depth of processing.
The "Lukoil" refused from idea to buy the "Bashneft", said a close source to the oil company. Vice-president of "Lukoil" Leonid Fedun has previously said that the company does not intend to overpay for "Bashneft".
The press service of the Ministry of Economic Development reported that "in the framework of the technical project, this investment consultants, carried out the necessary procedures." Federal Property Management Agency on request of "Izvestia" has not answered.