President Vladimir Putin agreed to ban Rosneft PJSC, Russia’s acquisitive state oil company, from bidding for the controlling stake in smaller producer Bashneft PJSC that the government plans to auction off as early as next month, according to two people with direct knowledge of the matter.
Putin rejected appeals from his longtime ally, Rosneft Chief Executive Officer Igor Sechin, to be allowed to bid, the people said, speaking on condition of anonymity. Rosneft, the world’s largest publicly traded producer by output, argued that acquiring Bashneft would increase the value of the Rosneft that the government also plans to sell this year.
