Deals
Sechin Wins as Russia Approves $5.3 Billion Rosneft Oil Deal
- Nation’s biggest oil producer will take control of Bashneft
- Rosneft CEO Sechin overcame resistance from within Kremlin
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Igor Sechin, a long-time ally of Russian President Vladimir Putin, won an internal Kremlin struggle to buy the government’s share in a regional oil producer, allowing his company Rosneft PJSC to continue expanding.
Russia gave permission for Rosneft to buy the government’s 50.08 percent stake in Bashneft, according to an order published Thursday. The country’s largest oil producer, led by Chief Executive Officer Sechin, must pay no more than 330 billion rubles ($5.3 billion) and should sign the deal by Oct. 15, the directive shows.