Rosneft divests south Russian assets: press

Russia's largest oil producer Rosneft has continued its divestment drive, shedding majority shares in four oil and gas producing subsidiaries operating in south Russia to a private group called Tsentrgeko Holding, Kommersant reported on June 9 citing sources.

The company sold a number of non-core assets last year, mostly to private group Neftegazholding, to pay down debt and raise financing for the giant Vostok oil and gas project it is developing in the Russian Arctic. It has now sold a 100% share in RN-Stavropolneftegaz, a 51% interest in RN Ingushneft and 68.7% of Rosneft-Dagneft. It has also divested a 81.2% interest in Dagneftegaz, partly through the sale of the stake in Rosneft-Dagneft, its parent, and partly through the sale of direct shares.

According to Kommersant, Tsentgeko's shareholders are persons named Tatyana Morozova (76%) and Dmitry Kamyshev (23%). State lender Sberbank also has 1%, although the other shareholders' interests have been pledged to the bank, which provided funds for the purchases, the newspaper states.

Analysts have welcomed Rosneft's recent divestments as a shift towards rationalisation. The company has traditionally favoured volumes over value and relied on acquisitions to fuel growth.