 |
Louisiana Light • 5 days | 89.16 | +0.62 | +0.70% | ||
|
Bonny Light • 2 days | 91.29 | -2.25 | -2.41% | ||
|
Opec Basket • 2 days | 89.57 | -1.20 | -1.32% | ||
|
Mars US • 165 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 41 mins | 2.822 | +0.038 | +1.38% |
|
Bonny Light • 2 days | 91.29 | -2.25 | -2.41% | ||
|
Girassol • 2 days | 91.81 | -2.21 | -2.35% | ||
|
Opec Basket • 2 days | 89.57 | -1.20 | -1.32% |
|
Peace Sour • 12 hours | 78.61 | -0.25 | -0.32% | ||
|
Light Sour Blend • 12 hours | 81.66 | -0.25 | -0.31% | ||
|
Syncrude Sweet Premium • 12 hours | 88.61 | -0.25 | -0.28% | ||
|
Central Alberta • 12 hours | 79.01 | -0.25 | -0.32% |
|
Eagle Ford • 2 days | 81.89 | -0.25 | -0.30% | ||
|
Oklahoma Sweet • 2 days | 81.75 | -0.25 | -0.30% | ||
|
Kansas Common • 17 hours | 75.50 | -0.25 | -0.33% | ||
|
Buena Vista • 5 days | 89.36 | +0.64 | +0.72% |
Breaking News:
Oil Fund Withdrawals Suggest Extended Price Rally
Investors are ditching the oil…
Scientists Warn Gulf Stream Slowdown Could Begin as Early as 2025
Climate change is not just…
Russia to Privatize Bashneft Oil Within Two Months
Russian authorities have greenlighted the sale of 50 percent of the Russian state oil company Bashneft after it excluded the company from a list of strategically important assets.
Russian Economic Development Minister Alexey Ulyukayev said the privatization of the mid-size oil company could be completed within two months.
Bashneft is Russia’s sixth-largest crude oil producer, with total proved reserves of 2.15 billion barrels and probable reserves of 653 million barrels. Before the oil slump started in the summer of 2014, Bashneft was valued at up to $13 billion.
Related: When We Can Expect The Next Oil Shock
Russia is in need of a cash injection, and in January the authorities said they were considering partial privatization of some other assets in which it owns shares, including other oil major Rosneft, diamond producer Alrosa, VTB bank and Sovcomflot. Still, the government hopes that Bashneft would be easier to sell than other state enterprises, as it is a listed company.
Bashneft was nationalized only two years ago, and the government now owns a 50 percent plus-one stake. The government announced it may move to sell either a 50 percent-plus stake or go for a stock market offering of 25 percent.
The regional government in the Russian republic of Bashkortostan is holding another 25 percent, and it’s not planning on selling—a stance that could scare away potential investors.
Related: The Biggest Winner Of The Oil Bust: Interview With Aeromexico
However, back in February, Russian Lukoil said it was eyeing the state’s 50-percent stake in Bashneft, with local media reporting that the company had already entered into unofficial talks with the authorities. However, Lukoil officials now say the company will not even consider buying a 25 percent stake in Bashneft.
Still, an acquisition of a stake in Bashneft would make sense for Lukoil, which already partners with the state-owned company in the Trebs and Titov oil fields, which hold some 1.1 billion barrels of estimated reserves. Lukoil is also the largest supplier of oil to the Bashneft refinery.
ADVERTISEMENT
By James Burgess of Oilprice.com
More Top Reads From Oilprice.com:
- Expert Commentary: The Latest Rally Has Come To An End
- Fed Pours Cold Water On Oil Price Rally
- Despite Low Oil Prices, Kuwait Plans To Invest $42 Billion By 2022
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
