The North Osetian state oil company Rosneft-ARTAG will be privatized soon, a representative of the republican government said in an interview with RBC. The agreement on the company's privatization was made at a meeting of North Osetian President Alexander Dzasokhov and Nikolai Borisenko, vice president of Rosneft. The necessity for privatization is due to low profitability of the company's filling stations. According to Borisenko, Rosneft plans to allocate about 130m rubles ($4.2m) for buying ARTAG's shares and thus increase its stake in the state company to 70 percent. Rosneft also plans to invest in the modernization and development of ARTAG in order to make it more profitable. At present Rosneft owns a 38 percent block of shares in ARTAG (51 percent of voting shares).