Russia says completes Bashneft sale to Rosneft for $5.3 billion
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The logo of Russia's top crude producer Rosneft is seen at the company's headquarters, behind the Kremlin wall, in central Moscow, Russia, May 27, 2013. REUTERS/Sergei Karpukhin/File Photo
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MOSCOW (Reuters) - The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft
The sale is a part of a government privatization drive aimed at narrowing the state budget deficit.
The ministry, citing the minister, Alexei Ulyukayev, said Rosneft's bid was higher than a valuation of between 297 billion roubles and 315 billion roubles, while the unidentified second bidder offered a lower bid.
President Vladimir Putin said earlier on Wednesday that Russia's privatization drive will be more efficient after Rosneft purchases the state's stake in Bashneft.
(Reporting by Vladimir Soldatkin; Editing by Adrian Croft)
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