Russia Could Sell Rosneft Stake to India, China

Russian government could sell 19.5 percent stake in Rosneft to India and China, according to a report by Bloomberg.

Two people familiar with the matter told the news agency that the government would prefer a joint deal with the two nations driving growth in global energy demand. Moscow expect to raise at least 700 billion rubles ($11 billion) from the sale.

India has already indicated it is mulling over the issue. "We know about it. We are studying this issue," India’s oil minister Dharmendra Pradhan said in an interview with TASS last week. New Delhi wants Rosneft to enter India’s gas retailing business as well.

Last month, Rosneft closed the $1.27 billion deal to sell 15 percent stake in Vankorneft to Indian state owned firm ONGC Videsh (OVL), the overseas arm of ONGC. The Russian state owned firm followed that up with further 23.9 percent stake sale to a consortium of Indian companies namely Oil India Limited, Indian Oil Corporation Ltd. and Bharat PetroResources.

India and Russia held extensive discussion about cooperation in the energy sector at the St Petersburg International Economic Forum (SPIEF).