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Rosneft will place its shares no later than October
Russian state-owned oil company Rosneft will place its shares no later than October, the economics minister said Tuesday. "We are planning to place Rosneft shares on the stock exchange by the end of October," German Gref said at the 17th international real estate exhibition in Cannes, France. However, he said no final decision had been made on the size of the package or whether it would be initial public offering or the sale of a part of the government's stake in the company to repay a loan secured for the purchase of energy giant Gazprom shares ($7.5 billion). Gref said the government was considering placing Rosneft shares both on the Russian and foreign markets even if it opted for the sale of its stake. The minister said the company, the country's second biggest crude producer, hoped to yield at least $15 billion from this move. "It is, however, too early to speak about the maximum," Gref said, suggesting the figure might be as high as $19 billion. Rosneft is currently saddled with billions of dollars in debt after acquiring Yuganskneftegaz, the former main production unit of embattled oil company Yukos
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