Rosneft consolidates power in Russia

State-controlled Russian oil company Rosneft has completed its acquisition of the country's fast-growing and state-owned oil company Bashneft. This is a boost in the privatization of the state's assets, says the country's president Vladimir Putin.

Photo: Gazprom

Russia's largest oil company Rosneft has bought a majority stake in the country's sixth-largest oil company Bashneft.

The price of taking over 50.08 percent of the state-owned oil company was 329.7 billion rubles, or USD 5.2 billion, according to a statement to the London Stock Exchange.

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