Russia hopes to raise more than $11 billion for a minority stake in the Kremlin's flagship oil producer Rosneft before the end of the year to plug budget holes caused by low crude prices, an industry source told Reuters.
The sale will be complicated by sanctions imposed on Moscow over its actions in Ukraine and by many investors' wariness of putting money into Russia as well as volatile commodity markets.
But Russia is hoping to repeat the success of Rosneft's initial share offering a decade ago when it raised $11 billion in one of the world's biggest such sales, despite concerns that investors would be spooked by Rosneft's purchase of most of the assets of oil firm YUKOS, bankrupted by the Kremlin.
On Friday, Economy Minister Alexei Ulyukayev said his ministry had received documents needed to kick start the sale of 19.5 percent in Rosneft, including a valuation and proposals on terms of sale.
