Rosneft to buy stake in Basheft

The Russia government has given permission for Rosneft to buy a 50.8% stake in Bashneft, for a figure not exceeding 330bn roubles ($5.3bn). The deal was expected to be signed in mid-October. The Bashneft sale will be the nation’s largest privatisation since Rosneft’s $10.7bn initial public offering in 2006, reports Bloomberg.