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Russia eyes US$50b earnings from privatization
By Dasha Korsunskaya |
September 16, 2010, Thursday
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Print Edition
Print Edition
RUSSIA plans to earn US$50 billion from privatization over the next five years and the government will overrule any objections from company managers over the sale of their firms, Finance Minister Alexei Kudrin said yesterday.
"We will have a privatization program for approximately five years, worth around $10 billion a year," Kudrin told the Reuters Russia Investment Summit.
This marks an increase from a previously announced plan to earn some US$29 billion from asset sales over 3 years. Kudrin said new companies had been added to the list, but declined to specify which ones.
"It is in the high stage of preparedness ... The plan which we have submitted, in general, is for 5 years starting from 2011, which does not mean that we cannot start even this year if we are ready," he said.
"Now the situation on the whole is favorable for the sale. But ... volatility will be high for now on global markets, including on Russian assets. So if there is an insignificant fall, then we will press on with the plans. If there is a big fall, of over 20 percent, then we will have to think."
Kudrin played down the significance of the protests from the managers of some privatization targets, such as Nikolai Tokarev, the head of state-run monopoly Transneft, who oppose the sale of their companies.
"The main thing is the government wants to do it," Kudrin reiterated.
"We will have a privatization program for approximately five years, worth around $10 billion a year," Kudrin told the Reuters Russia Investment Summit.
This marks an increase from a previously announced plan to earn some US$29 billion from asset sales over 3 years. Kudrin said new companies had been added to the list, but declined to specify which ones.
"It is in the high stage of preparedness ... The plan which we have submitted, in general, is for 5 years starting from 2011, which does not mean that we cannot start even this year if we are ready," he said.
"Now the situation on the whole is favorable for the sale. But ... volatility will be high for now on global markets, including on Russian assets. So if there is an insignificant fall, then we will press on with the plans. If there is a big fall, of over 20 percent, then we will have to think."
Kudrin played down the significance of the protests from the managers of some privatization targets, such as Nikolai Tokarev, the head of state-run monopoly Transneft, who oppose the sale of their companies.
"The main thing is the government wants to do it," Kudrin reiterated.
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