• ACI Russia

08/07/1998 13:15:03 Russia govt sees 18 bln rbls from H2 privatisation

MOSCOW, Aug 7 (Reuters) - The Russian government expects to raise 18 billion

roubles from privatisation in the second half of 1998, including from sales of

stakes in Gazprom <GAZPq.L> and Rosneft<PFGS.RTS>, a budget plan issued on

Friday said.

The plan, issued by the Finance Ministry and International Monetary Fund,

said: "With the privatisation of Rosneft as well as sales of shares in Gazprom

and other public holdings, privatisation proceeds of 18 billion roubles are

assumed for the period July-December."

The government plans to sell some five percent of Gazprom, the world's

largest producer of natural gas, with documents detailing the conditions of the

sale expected soon.

The sale would reduce the government's stake to 35 percent although it is

still not clear whether the stake will be sold to one investor, in several lots

or via derivatives.

Rosneft is the last oil company in state hands although the government has

already tried and failed once to sell 75 percentplus one share in the company.

A new round of offers has been invited by a closing date of October 27, with

a winner due to be announced on October 30, with the initial price set at $1.6

billion plus $62.5 million in investments.

Other companies expected to under the hammer are telecoms group Svyaninvest

and oil firm LUKOil <LKOH.RTS>.

((Moscow newsroom +7095 941 8520, moscow.newsroom@reuters.com))

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