Sechin asks the Government to protect Rosneft from BP

Rosneft’s president Igor Sechin has feared that BP will gather a blocking stake in the company during the privatization of 19.5% of its shares. To avoid this, he requests the Government to restrict the rights of buyers of the privatized shares

Customers of 19.5% of the Rosneft’s shares, which the Government plans to sell this year, will be obliged not to enter into a shareholder agreement with BP, which owns 19.5% of the state-owned company. This was told the RBC by two federal officials and a source in Rosneft.

According to one of the officials, the president of Rosneft Igor Sechin fears that in the course of the privatization BP will receive a blocking stake in Rosneft. Therefore he suggests the Government not to sell the shares on the market and find at least two buyers for 19.5% among the Asian companies or funds. "The condition of the shares sale is likely to be a ban on the conclusion of a shareholder agreement with BP. The decision on this hasn’t been made, but is actively being discussed," - says the official.