MOSCOW (Reuters) - The Russian government should delay selling its stake in mid-sized oil producer Bashneft (MM:BANE) for up to 5 years and until the company is worth more, but it is up to Moscow to decide, the head of an oil-producing region told Reuters.
Rustem Khamitov, President of Russia's internal Republic of Bashkortostan, which owns a 25 percent stake in Bashneft, said he supported the government's decision to postpone selling a 50.08 percent stake, which it announced on Tuesday.
"In my opinion, after certain work regarding upgrading and diversifying production is done, after some economic stability is back, after that and only after that, if there is a clear need, the theoretical option of selling a federal stake may be considered," Khamitov told Reuters in a phone interview.