MOSCOW Oct 12 The Russian government has
completed the sale of a controlling stake in mid-sized oil
producer Bashneft to the Kremlin-owned Rosneft
for 329.69 billion roubles ($5.30 billion), the
economy ministry said on Wednesday.
The sale is a part of a government privatisation drive aimed
at narrowing the state budget deficit.
The ministry, citing the minister, Alexei Ulyukayev, said
Rosneft's bid was higher than a valuation of between 297 billion
roubles and 315 billion roubles, while the unidentified second
bidder offered a lower bid.
President Vladimir Putin said earlier on Wednesday that
Russia's privatisation drive will be more efficient after
Rosneft purchases the state's stake in Bashneft.
($1 = 62.2255 roubles)
(Reporting by Vladimir Soldatkin; Editing by Adrian Croft)