- Lukoil (OTCPK:LUKOY, OTC:LUKOF) has told the Russian government it wants to buy recently nationalized rival Bashneft, as the state decides whether to sell a controlling or minority stake in the firm to plug a budget deficit, Reuters reports.
- A sale would mark a significant reversal after more than 15 years of non-stop consolidation and nationalization of Russia's energy industry.
- Pres. Putin has ordered a privatization drive to cover a budget deficit and reportedly is considering selling stakes in oil major Rosneft (OTCPK:RNFTF).