Sergei Bogdanchikov, the chief executive of Russia's largest oil producer OAO Rosneft (ROSN.RS), Wednesday said the possibility of the state selling more shares in the company exists, but that the decision would be up to the state.
If a further privatization and free-float of Rosneft was approved, the issue of Rosneft selling its treasury shares should also be considered, Bogdanchikov said. Rosneft holds 9.44% of its share capital as treasury shares through its RN-Razvitie unit.
First Deputy Prime Minister Igor Shuvalov indicated on Sept. 21 that the state may sell part of its stake in the company. On Tuesday, however, Economy Minister Elvira Nabiullina said such a move hasn't been considered by her ministry.
Bogdanchikov also said he expects oil prices to average between $50 and $60 a barrel in the 2010 to 2014 period.
"We feel confident at the current level, but should prices fall below that, it will be difficult to implement our investment program," Bogdanchikov said.
Rosneft doesn't expect negative developments in third-quarter financial results, compared with the second quarter, he added.