Source Pravda.Ru

Kiev to Sell Ukrneft for USD 370 Million

Ukraine plans to sell a controlling stake in the country's largest oil-producing company, Ukrneft. According to Mikhail Chechetov, the head of Ukraine's State Property Fund, the auction will take place in September 2003. Official sources suggest that Kiev plans to receive at least USD 370 million for Ukrneft. The State Property Fund believes that the most likely buyers of the stake (50% + one share) will be from Russian and Hungary.