Reuters: Arrested Russian minister wanted state to cede control over Rosneft

|About: Rosneft Oil Company OJSC (RNFTF)|By:, SA News Editor

Russia's former Economy Minister Ulyukayev privately argued to colleagues in government that the state should give up control over Rosneft (OTC:RNFTF), reducing its stake to below 50%, before he was arrested two weeks ago, Reuters reports.

Ulyukayev allegedly tried to extort a $2M bribe from Rosneft, but Russia watchers note that any plan to reduce state control of Rosneft would have weakened the position of the company's boss and Putin confidant Igor Sechin.

Meanwhile, a Kremlin economic aide says Rosneft should submit privatization plans by Dec. 1, keeping the government on track to receive funds by year-end from the sale of 19.5% of state energy holding Rosneftegaz's 69.5% stake in Rosneft.