Head of oil transportation company comments on its privatization

All voting shares in the Transneft oil transportation company should be held by the state, Transneft president Semyon Vainshtok said at a press conference organized by RBC. According to him, the transportation monopoly should not be privatized; it is most unlikely to happen.

As for the cost of the company's shares, the Transneft president pointed out that in his opinion, they were "undervalued" by three times.

Transneft's share capital amounts to about RUR6.220m (about $195.65); it is divided into common and preferred shares with the par value of RUR1 (about $0.03). The Russian Property Ministry owns 75 percent of the share capital. This stake is 100 percent of the voting shares of the company.

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