October 12, 2016 / 3:27 PM / a year ago

Russia says completes Bashneft sale to Rosneft for $5.3 billion

MOSCOW (Reuters) - The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft BANE.MM to the Kremlin-owned Rosneft ROSN.MM for 329.69 billion roubles ($5.30 billion), the economy ministry said on Wednesday.

The logo of Russia's top crude producer Rosneft is seen at the company's headquarters, behind the Kremlin wall, in central Moscow, Russia, May 27, 2013. REUTERS/Sergei Karpukhin/File Photo

The sale is a part of a government privatization drive aimed at narrowing the state budget deficit.

The ministry, citing the minister, Alexei Ulyukayev, said Rosneft’s bid was higher than a valuation of between 297 billion roubles and 315 billion roubles, while the unidentified second bidder offered a lower bid.

President Vladimir Putin said earlier on Wednesday that Russia’s privatization drive will be more efficient after Rosneft purchases the state’s stake in Bashneft.

Reporting by Vladimir Soldatkin; Editing by Adrian Croft

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