Russia's sale of Rosneft is in trouble after BP decides not to submit a bid

Article Abstract:

NK Rosneft of Russia may see its widely anticipated privatization be shelved as British Petroleum PLC pulled out of the bidding for a 75% stake in the state petroleum firm. Russia had intended to sell the oil production company in July 1998. BP decided no to submit an offer after rival bidder Royal Dutch/Shell Group pulled out due to declining global crude prices and financial instability in Russia. Western analysts said the bidding field has been narrowed down to cash-strapped Russian oil firms that face billions of dollars in back taxes and are not capable of new procurements on their own.

Comment:

Pulls out of bidding for a 75% stake in NK Rosneft, which may see its widely anticipated privatization be shelved

United Kingdom, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Petroleum, Petroleum and Coal Products Manufacturing, British Petroleum Company PLC, NK Rosneft

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Russia to sell 5% stake in Gazprom to raise cash

Article Abstract:

RAO Gazprom, a natural gas firm based in Russia, will sell 5% stake, valued at $465 million, held by the Russian government as part of Russia's effort to raise funds. Russian President Boris Yeltsin commissioned Prime Minister Sergei Kiriyenko's cabinet to outline a timetable and procedure to sell the Gazprom's shares. The remaining 35%-owned interest in Gazprom by the government will be retained. President Yeltsin was forced to post the 5% stake for sale following the receipt of a $22.6-billion loan from the International Monetary Fund.

Comment:

Will sell 5% stake, valued at $465 million, held by Russian government as part of Russia's effort to raise funds

Natural Gas, Crude Petroleum and Natural Gas Extraction, Securities issued, listed, RAO Gazprom

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