Leader of the Russian presidential administration and president of the Sovcomflot board of directors Sergei Naryshkin in a press release confirms that a major stake of the company will be sold in an IPO. He also confirms that the sales are to cover Sovcomflot’s investments in the buildup of a new fleet of vessels able to serve the offshore oil and gas industry. According to newspaper Vedomosti, as much as 20 percent of the company might in the course of 2010-2011 be announced for sale.
However, all sales revenues might eventually not end up in Sovcomflot’s investment programme.
As the Russian government is facing major budget deficits, Russia could now possibly see a new privatization wave. According to newspaper Vedomosti, budget deficits are expected to amount to 3.2 trillion RUB in 2010 and 2.9 trillion in 2011.
Deputy Prime Minister Igor Shuvalyov in an interview with Bloomberg TV confirms that also oil major Rosneft might become subject for privatization Both Sovcomflot and Rosneft are today 100 percent state-owned companies.
