Despite sanctions, Italian bank participates in privatization of Rosneft

Italian Intesa Sanpaolo S.P.A. has been chosen as an investment consultant for the privatization of state-owned oil corporation
Despite sanctions, Italian bank participates in privatization of Rosneft
25 May 13:01 2016 Print This Article

Italian bank Intesa Sanpaolo S.P.A. has been chosen as an investment consultant for the planned privatization of a Russian government 19.5% stake in oil company Rosneft, Russian Economic Minister Alexei Ulyukayev said on Tuesday, refers RIA Novosti.

On possible participation of Intesa Sanpaolo in the privatization of Russian state corporations the chairman of the Board of Directors of Banca Intesa (Russian subsidiary bank of Intesa Sanpaolo Group) Antonio Fallico said back in April. Intesa is a longtime partner of Rosneft, in particular, they are the major shareholders of the Italian tire manufacturer Pirelli.

Russia owns 69.5% of Rosneft through the state holding Rosneftegas, the head of the board of directors is Igor Sechin, the president of Rosneft. Yesterday, at the end of trade on the Moscow Stock Exchange, the state-owned corporation worth 655 bln rubles.

In 2016, apart from Rosneft, Russian government is planning to privatize 50.1% of Bashneft, 25% of Sovcomflot, and 10,9% of ALROSA and VTB. Investment consultants for the sale are likely to be Russian banks.

Rosneft fell under the EU and the US sanctions, including restrictions on supply of equipment and services. The company also has restricted access to the EU and the US capital markets, while its CEO Igor Sechin is included in the US sanctions list.

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