Source Pravda.Ru

Russia continues its privatization drive

In the coming days the Russian government intends to submit its 2004 privatization program to the State Duma. The program stipulates the privatization of assets, which the government does not use to perform its functions and achieve its goals.

Today there are 9,860 federal state unitary enterprises in Russia; 1,973 of them are slated for privatization by 2004.

Today the federal government holds stakes in 4,205 joint stock companies. By 2004 the government intends to sell the stock of about 2,700 joint stock companies.

The government plans to sell all state packages where state participation equals 25 and less percent in the charter capital of relevant joint stock companies.

Apart from that, the government has permitted 70 privatizations in the defense sector, excluding enterprises and organization not subject to privatization from the privatization list. The companies prohibited for privatization include the famous MiG aircraft maker, for example.

The government expects to get no less than 40 billion rubles (about $1,320 million) in revenues from 2004 privatizations.