A Rosneft worker stands beneath a crane at the Yuganskneftegaz oil production station near the Siberian town of Nefteyugansk, some 3000 km (1863 miles) east of Moscow.
Photo: Reuters
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Citigroup Offers Rosneft for $1bn
Citigroup is selling the stake in Rosneft worth $1 billion, offering as many as 110 million stocks, $9.1 each, RBC Daily reported.
Given that today’s capitalization of Rosneft is roughly $98 billion, around a percent in the company will have a new owner. The deal hasn’t been clinched yet, according to RBC.
It is not the first time that the market players offer for sale big stakes in oil companies that had IPOs in summer of 2006. Past December, for instance, it emerged that a few big businessmen of the country, including Oleg Deripaska, might have sold their stakes because of the poor yield on oil stocks.
The analysts attribute Citigroup’s decision to the attempt to sort out liquidity difficulties created mostly by the U.S. mortgage crisis.
Rosneft has 105,981,778.17 rubles (10,598,177,817 common stocks, 0.01 ruble par each) after consolidating 12 subsidiaries. Rosneftegaz owns 75.16 percent, while the remainder belongs to numerous strategic, institutional and individual investors. The company’s liabilities amounted to some $27 billion as of the end of 2007.
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