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Russia to Expand Privatization Program, Shuvalov Says

February 4, 2010

Feb. 4 (Bloomberg) – The Russian government will step up its privatization program this year, considering more share sales than previously announced, First Deputy Prime Minister Igor Shuvalov said.

“What we must do in 2010 is significantly expand the privatization program,” Shuvalov said today at Troika Dialog’s Russia Forum in Moscow. “We’ve confirmed certain plans for 2010, and these plans are significantly more than in the previous two to three years.”

Russia seeks to raise 72 billion rubles ($2.4 billion) in 2010 from privatization of companies’ stakes held by the government, Economy Minister Elvira Nabiullina said in November.

The government plans to sell its stakes in companies including power generator OAO TGK-5 and insurer OAO Rosgosstrakh, Nabiullina said. Selling stakes in 28 companies currently classified as strategic is expected to bring 54 billion rubles out of the total 72 billion. Russia will need to amend the law to sell these stakes, she said.

 

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