CNPC wants not only to own, but manage Rosneft

The most likely contender for the participation in the privatization of Rosneft - China's CNPC – has put forward as a condition an access to the state-owned company management. Formally, even the purchase of the entire stake in the privatizing package of 19.5% will give CNPC only a position of the largest minority with the right to have two seats in the Board. According to experts, the Russian authorities are not interested to provide CNPC with more rights than BP - the current largest foreign shareholder of Rosneft. And the controlling package will remain belonging to the state in any case.

CNPC has been interested in participating in the possible privatization of 19.5% of Rosneft, but in this case it intends to seek participation in the management of the state-owned company, chairman of the CNPC’s Board of Directors Wang Yilin said yesterday. "We, of course, in the case of increasing the proportion would like to receive the right to participate in managing the company, of course, in full compliance with the acquired share," - he said.

Full text available to premium subscribers only.

Buy full access for 24 hours now


Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
42a Pushkina Street; Ufa, Bashkortostan 450076; Russia
E 54° 43.48836" N 55° 55.52346"
Telephone: +7 927 303 00 25

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer