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Sovcomflot to be privatised ‘before the end of the year’

Sovcomflot to be privatised ‘before the end of the year’
Igor Shuvalov, Russia’s first deputy prime minister, has said state-owned shipping company Sovcomflot could be privatised before the end of 2016, Reuters reports.

Russia has stepped up its privatisation plans across a number of industries as the Kremlin looks to rein in its budget deficit.

The mid-sized oil producer Bashneft could also be privatised before the end of the year, Shuvalov added.

The government has reportedly just closed a deal to sell a 10.9% stake in diamond miner Alrosa for RBL52bn ($800m).

Russia’s Putin-led government said in February it would prioritise an initial public offering (IPO) of shares in Sovcomflot.

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