November 7, 2016 / 2:29 PM / a year ago

Russia's economy minister values Rosneft stake for sale at $11.75 billion

The shadow of a worker is seen next to a logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia will sell a state stake in oil giant Rosneft (ROSN.MM) using the firm’s share price as of Oct. 11, when it stood at 748.3 billion rubles ($11.75 billion), Economy Minister Alexei Ulyukayev said on Monday.

Ulyukayev also said that proceeds from the sale will reach the state budget via dividends from Rosneftegaz by Dec. 15.

($1 = 63.6895 rubles)

Reporting by Darya Korsunksaya; Writing by Lidia Kelly; Editing by Andrey Ostroukh

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