• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Big Oil Refuses To Give Up On The Barents Sea

Big Oil Refuses To Give Up On The Barents Sea

Despite failures in the Barents…

New Tech Could Turn Seaweed Into Biofuel

New Tech Could Turn Seaweed Into Biofuel

Scientists discovered an unlikely abundant…

Erwin Cifuentes

Erwin Cifuentes

Erwin Cifuentes is a Contributing Editor for Southern Pulse Info where he focuses on politics, economics and security issues in Latin America and the Caribbean.…

More Info

Rosneft CEO Rejects Selling Public Shares To China and India

Rosneft Rig

Rosneft’s Igor Sechin rejected rumors alleging that the Russian company would sell the government’s 19.5 percent stake to a consortium of Chinese and Indian oil firms.

“We are not in talks with Chinese and Indian companies. We are not engaged. This is a government company and the government did not give such an order,” Sechin said in an interview with news channel Russia 24 on the 22nd of June 2016.

Sechin also asserted that Rosneft has pulled out of selling government-owned shares to the private market, which he blamed on “price volatility” and sanctions against the company.

Rosneft has attempted to open up more of its capital to the market and is reportedly considering seeking pacts with other oil producers. BP, which recommitted to its partnership with Rosneft in a $300 million Siberian oil project, has refused to participate in any asset sale on offer.

Sechin is looking to price shares at around $130 billion, which is roughly double the current market value of $56 billion.

Related: Saudi Oil Exports Reach Six-Month Low

The rumored deal rejected by Sechin would have raised some $11 billion and would have set a privatization record for Russia. The share sale could have helped raise capital and plug budget gaps, which would alleviate a Russian economy hit by low oil prices and sanctions against local banks and businesses like Rosneft.

China and India have each expressed interest in claiming a stake in Rosneft, while Indian Oil Minister Dharmendra Pradhan did not rule out the possibility of both states collaborating in a joint bid.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News