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Russia says completes Bashneft sale to Rosneft for $5.3 billion
October 12, 2016 / 3:29 PM / in a year

Russia says completes Bashneft sale to Rosneft for $5.3 billion

MOSCOW (Reuters) - The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft (BANE.MM) to the Kremlin-owned Rosneft (ROSN.MM) for 329.69 billion roubles (4.32 billion pounds), the economy ministry said on Wednesday.

Workers stand next to a logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo

The sale is a part of a government privatisation drive aimed at narrowing the state budget deficit.

The ministry, citing the minister, Alexei Ulyukayev, said Rosneft’s bid was higher than a valuation of between 297 billion roubles and 315 billion roubles, while the unidentified second bidder offered a lower bid.

President Vladimir Putin said earlier on Wednesday that Russia’s privatisation drive will be more efficient after Rosneft purchases the state’s stake in Bashneft.

Reporting by Vladimir Soldatkin; Editing by Adrian Croft

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