Sale of share in “Rosneft”

A historic agreement on the sale of a large package of shares of “Rosneft” provoked a strong reaction abroad

 

In Russia announced the biggest privatization deal this week. 19,5% of the shares of the company “Rosneft” sold for 10 billion 500 million Euro. It more than 700 billion rubles. The holding of shares buys a consortium: the Swiss company “Glenkor” and Qatari investment fund. The Italian bank “Intesa Sanpaolo” finances a deal.

700 billion rubles. That’s a lot? A lot. It 1% of Russian GDP. It is more expenses for education and culture of taken together within a year. Also it about is one third of the deficit of the state budget.

Political aspect. Sanctions and the so-called isolation of Russia. The participants in the transaction – serious players. “Glencore” – one of the largest trading companies in the world.

And why Qatar shares in Russian companies, Russian oil? Qatar is one of the world letters for liquefied gas. And he’s got oil. Perhaps, the participation of Qatar is the consequence of the success of the Syrian army. In the middle East will be a new configuration of forces. Russia can become a key player in this configuration. Qatar reserves itself a place.

Italian banking group “Intesa Sanpaolo” the sixth place in the eurozone. The heads of this bank stand for the abolition of anti-Russian sanctions. And it is not so easily and safely. In the financial world, there are tools that silenced the discontented. Most of these tools is in American hands. So, except money, this deal also is the political success of Russia. It became possible thanks to the participation of President Putin. On a privatization of “Rosneft” closely kept an eye and in Russia, and in the world. In Russia laughed that “Rosneft” will be had to buy it itself. In the US sarcastically joked: it is unlikely that Russia, under sanctions, sell shares. Except inexpensively the Chinese or Indians, and that on friendship.

The newspaper “Wall Street Journal” admitted in the end that the experts were wrong: «Russia mainly relied on Chinese and Indian investments, but the deal showed that Kremlin had other variants “.

– “Igor Ivanovich, I want to congratulate You”, – Vladimir Putin said.

– “Thanks”, – an executive director of “Rosneft” Igor Sechin thanked.

– “The bargain is made on an ascending trend for the oil of the cost, well and, accordingly, it reflects on with the price of the company itself. So in this sense the time is very successful, and a total volume of the deal is significant, 10,5 billion of Euro. This is the biggest privatization deal in an oil and gas sector in the world within the 2016th passing year”, – the head of state said.

 

19.5% of state shares in Rosneft to buy half-and-half together in a consortium, the Swiss commodity trading company “Glencore” and the Sovereign Fund of Qatar.

Incomes from the sale of the shares of the company should be transferred to the budget soon. If you carefully analyze the deal, it becomes clear: everything went according to Putin’s plan, which he outlined in 2012, in his programmatic article “We need a new economy”. In the article he wrote: “It is necessary to look for the customers among the global investors who were not only ready to invest in a scientific production base, but bring your connections, your place on the major international markets”. It was written long before the introduction of sanctions against our country. But, as a result, on the embodiment of the ideas of Putin the sanctions  did not influence. And this once again caused the irritation.

“The experts of the treasury, responsible for the imposition and the maintenance of the mode of the sanctions, will take a close look at this transaction. They will consider the conditions of the deal and estimate, what influence the sanctions can be rendered on her” – said the press Secretary of the White house Josh Earnest.

The fact that the United States appointed itself on the role of a financial world policeman, known for a long time. Recall the story of when the U.S. Treasury wanted to fine Deutsche Bank in 2008. And as a result the fine was presented the biggest German bank in 14 billion dollars. However, attempt of the USA to “investigate” the deal of “Rosneft” of Russia indifferently. Legally she is absolutely transparent. As the consortium works in Russia for a long time. The transaction with “Glencor” has allowed “Rosneft” to ensure a stable demand – supply within five years 220 thousand barrels of oil per day. Thus “Rosneft” has secured a customer, and “Glencor” is a stable supplier. At the same time the participation in the deal of Qatar demonstrates confidence in Russia as a place for investments ” – says the representative consulting company «Wood Mackenzie».

The most important thing, marks in Kremlin that a business transaction did not turn into political. The most important was the benefit to the Russian budget in quite specific monetary terms. Moreover, such a benefit of the sales of the shares of the companies at the state, perhaps, has not been yet even once.

“This only one deal on the sale 19,5% of the shares” of Rosneft “brought in one day time and a half more than all privatization in an oil and gas complex oil and gas Russian branch for 25 years” – expert oil and gas market Rustam Tankan.

After the appearance immediately of news about the privatization of the share of “Rosneft” grew in currency calculation more than by 8%. Against the background of falling in the world of an investment activity this deal, to say the least, stands out.

“China lost for November 70 billion dollars of the outflows, Russia, on the contrary, gets means. Therefore, the market perceived the deal positively. Shares of “Rosneft” are at historic highs. Moreover, the analysts consider that the shares have, at least, over the six next months a growth potential 20% ” – says General Director of “Sputnik-capital Management” Alexander Losev.

In the last month, the total volume of foreign investments in the Russian economy is showing rapid growth. Financial agency “Merrill Lynch” adds that only from 1 to 7 December investment funds amid reports about a possible rise in oil prices and possible warming of relations between Russia and the USA was attracted to our country more than 260 million dollars. And here also deal on “Rosneft” on 10,5 billion of Euro.

Nevertheless, the political effect is present. No wonder in USA the privatization of “Rosneft” has done so much noise. The agency “Bloomberg” even acknowledged: anti-Russian sanctions look against this background “rather seedy”. «Reuters» threw  information what is the main candidate for the post of state Secretary Rex Wayne Tillerson,  CEO ExxonMobil. By the way, he lost about billion of dollars after the halt signed agreement on a joint exploration and oil production all with the same Russian company “Rosneft”.  Because of the American sanctions in 2011 of a.

 

Антон Верницкий

 

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