Putin: The arrival of new owners improves the structure of the economy and the Rosneft management structure

The arrival of representatives of foreign investors - the Swiss trader company Glencore and the Catar State Fund (QIA) - will improve the quality of management of the company to the management bodies of Rosneft. This was stated by Russian President Vladimir Putin at the annual large press conference on Friday.

"We proceed from the fact that the arrival of representatives (foreign investors) will improve the quality of management of the company itself. Although, in general, it is considered one of the most effective in the world," Putin said.

The president added that the money from privatization of 19.5% is already transferred to the budget in full. “In general, the budget received from the sale of Bashneft and 19.5% of Rosneft shares of 1.1 trillion rubles approximately,” he said.

In addition, the president explained that the state sells state -owned packages to improve the structure of the economy, and not because there are not enough funds for specific expenses. The budget, he recalled, was planned initially, the sale was provided for in its revenue.

“We do this for several reasons,” Putin said. “The first one is still improving the structure of the economy and the arrival of new owners - it is the trader company Glencore, the Swiss, and the Catari State Foundation. We proceed from the fact that the arrival of the management of their representatives will improve the quality of the company itself. Although it is generally considered one of the most effective in the world,” the president said.