Source Pravda.Ru

Gov't approves plan of privatization of federal property in 2004

Russian Prime Minister Mikhail Kasyanov has ordered to approve a forecasted plan of privatization of federal property in 2004 and guidelines of privatization of federal property through 2006. The order is in line with the federal law on privatization of state and municipal property, the Government Information Department reported. The Russian Property Relations Ministry and the Russian Federal Property Fund have been commissioned to provide the implementation of the plan of privatization.

There were 9,860 federal enterprises and 4,205 state joint stock companies in Russia on June 1, 2003. Some 911 federal enterprises and 1,978 state joint stock companies have been included on the list of federal property to be privatized in 2003.

In 2004 all federal stakes that are less than 25 percent of the authorized capital are to be sold, excluding electric energy and some gas companies and joint stock companies that are to be financed within the federal targeted investment program.

It is planned to raise at least 40bn rubles ($1.32bn) in revenues to the federal budget from privatization in 2004.