Investment payoffs main source of projected revenue in 2003

Revenue from privatization of federal property in 2003 is projected to total some 50 billion rubles, with 1 US dollar worth 31.50 rubles at the current rate, the Property Ministry has announced.

More than 80 percent of revenues is to be derived from implementation of large investment projects, ministry officials noted.

The government plans to sell its stakes in 600 joint stock companies and to privatize some 450 federally owned state unitary enterprises next year. Currently, the federal government owns 4,354 joint stock companies and operates 9,810 state unitary enterprises.

The total workforce of the 450 federal unitary enterprises designated for privatization currently exceeds 50,000.

Other plans for next year feature mergers and amalgamations of federal state unitary enterprises that won't be subject to privatization.

2003 will see the near-completion of the denationalization process in coal industry. Much effort will be dedicated, too, to privatization of state-owned shares in the oil sector and energy.

Privatization of rail transport enterprises is also set to start next year, Property Ministry officials disclosed.