Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Video: Milan is starting point for Syrian refugees’ European odyssey

Read more

MIDDLE EAST MATTERS

Terrorist ransoms: Should governments pay up for hostages?

Read more

ENCORE!

Kristen Stewart and Juliette Binoche star in 'Clouds of Sils Maria'

Read more

WEB NEWS

India: journalist launches "Rice Bucket Challenge"

Read more

WEB NEWS

Russian aid convoy: Mission accomplished?

Read more

WEB NEWS

Actor Orlando Jones lauches 'Bullet Bucket Challenge'

Read more

IN THE PAPERS

'Macron Economics'

Read more

BUSINESS DAILY

Macron-economics, the former banker turned minister

Read more

IN THE PAPERS

'The capital of sex, drugs, alcohol, trash and trashy tourism'

Read more

  • UN probe accuses Syrian regime, militants of ‘crimes against humanity’

    Read more

  • France’s Hollande puts young ex-banker in top economy post

    Read more

  • Video: Iraq’s Yazidis flee to spiritual capital of Lalish

    Read more

  • Video: Milan is starting point for Syrian refugees’ European odyssey

    Read more

  • Liberia sacks ministers who left amid Ebola outbreak

    Read more

  • Airstrikes and Assad - Obama’s military conundrum in Syria

    Read more

  • IMF’s Lagarde investigated in French corruption case

    Read more

  • American journalist held captive in Syria arrives in US

    Read more

  • In pictures: The ministers in France's new government

    Read more

  • 'Lasting' ceasefire agreed for Gaza, Abbas says

    Read more

  • Far-right ‘Russian Jihad’ fighters cross into Ukraine

    Read more

  • American 'Islamic State fighter' killed in Syria

    Read more

  • The ‘war’ at the heart of France’s ruling party

    Read more

  • Rebels 'shoot down' UN helicopter in South Sudan

    Read more

  • Air France pilots threaten September strike

    Read more

  • WHO seeks stricter regulation for e-cigarettes

    Read more

Business

Moscow unveils five-year privatisation plan

Text by News Wires

Latest update : 2010-10-20

Russia unveiled plans to sell major stakes in oil giant Rosneft and the semi-public bank Sberbank as part of its five-year plan to privatise nearly 900 firms.

AFP - The Russian government Wednesday agreed a 5-year privatisation drive worth 60 billion dollars that will see it sell stakes in firms such as oil giant Rosneft, First Deputy Prime Minister Igor Shuvalov said.
  
Shuvalov said the government had taken its final decision and the plan only now required the approval of President Dmitry Medvedev, Russian news agencies reported.
  
"According to initial estimates, the state could receive 1.8 trillion rubles (58.5 billion dollars) from a full realisation of the privatisation plans," he said, adding that 900 firms were slated for privatisation.
  
Under the plan, the state would sell a further 15 percent stake in Russia's largest oil company Rosneft over the next five years and even give up a controlling holding after 2015.
  
Other big firms set for state reductions are state banks VTB and Sberbank, the state Russian railways firm RZhD, said Shuvalov, adding a stake sale was also possible in flag carrier Aeroflot.
  
Russia had largely halted privatisation after the chaotic sell-offs of state-owned resources of the 1990s that critics said handed over large swathes of its huge natural wealth to a clique of oligarchs at knock-down prices.
  
However the government has recently reversed its strategy due to the impact of the economic crisis, which plunged the budget into deficit, and also a desire to encourage foreign investment.

Date created : 2010-10-20

  • DIPLOMACY

    Russia's Medvedev to attend NATO summit next month

    Read more

  • DIPLOMACY

    Medvedev vows 'indestructible' strategic ties with China

    Read more

  • ENERGY

    Putin inaugurates Russian section of pipeline to China

    Read more

COMMENT(S)