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Putin says Rosneft's purchase of Bashneft to boost privatisation effect

Reuters - UK Focus

Oct (HKSE: 3366-OL.HK - news) 12 (Reuters) - Russia's privatisation drive will be more efficient after the country's largest oil producer Rosneft purchases a state stake in mid-sized oil firm Bashneft , President Vladimir Putin said on Wednesday.

Speaking at an economic forum, Putin said that now a 19.5 percent stake in Rosneft could be sold to private foreign investors.

The Russian government asked Rosneft board to approve the purchase of a 50.1 percent stake in Bashneft for a price not higher than 330 billion roubles ($5.3 billion).

($1 = 62.2255 roubles) (Reporting by Alexander Winning and Katya Golubkova, Writing by Andrey Ostroukh, Editing by Vladimir Soldatkin)