Belarus Sells Her Stake in Slavneft Oil for USD 207 Million

Belarus has sold her 10.83% stake in the Slavneft Russian-Belarussian oil company for USD 207 million. This is according to the press service of the Belarussian currency/stock exchange where the transaction was completed. The package was purchased by the Slavneftebank bank, representing the Sibneft oil company.

According to the Belarussian stock exchange, the sold package contained 518,087,000 shares sold at USD 0.4 each, while their face value is USD 0.000031 each.

Belarus put her stake in Slavneft up for sale on November 22. Belarussian government had hoped to sell the stake for a total of USD 250 million. On November 29, President Alexander Lukashenko of Belarus said that selling the stake for a song was inadmissible and the government should take care not to let go of the package for too little money, reminding that it had been received in exchange for a 30% stock in the Mozyr oil refinery located in the Gomel Region. 'If we sell the shares too cheaply', he said, 'we will have sold 30% of the refinery at too low a price'.

However, Slavneftebank was the only bidder. December 18, the date of the auction for the sale of Russian government's part of Slavneft drawing near, Belarus was forced to go down on the price.

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