“Rosneft will not participate in IPO Saudi Aramco

– Rosneft has no plans to participate in the IPO Saudi Aramco.

“We welcome the IPO. We have no problem (to take part – if), we are not a portfolio investor”, – said the head of “Rosneft” Igor Sechin at a press conference.

IPO Saudi Aramco, which planned to sell 5% stake in the company, is planned in 2018 and could become one of the largest in the world. In the result, the Saudi authorities can raise $100 billion through the placement on the basis of the total cost the company about $2 trillion.

Funds from the placement will be directed to sovereign wealth Fund of Saudi Arabia, who will distribute the funds in such a manner as to reduce the country’s dependence on the oil sector.

The fact that Saudi Aramco has close ties with the Royal family, and to allocate its assets to the company, part of which could be sold to foreign investors, it is difficult, is considered a serious obstacle to the IPO.

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