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Friday, December 16, 2005

Rosneft may reorganize its subsidiaries to switch to single share

MOSCOW, December 16 (RIA Novosti) - Deputy Economic Development and Trade Minister Andrei Sharonov said Friday that the subsidiaries of state-owned oil major Rosneft could be transformed from public entities into limited liability companies (LLCs) to consolidate the company's assets into a single share. He said that the board of directors of some Rosneft subsidiaries had initiated the proposal. He added that Russian natural gas monopoly Gazprom practiced this form of corporate organization. Sharonov said LLCs were simpler in terms of reporting and control. "This form does not imply open-ended financing or control or the admission of new participants or shareholders," he said.

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