According to Shuvalov, tenders for stakes in Rosneft, Slavneft, and Tyumen Oil company will be announced in August or September. Twenty-five percent plus one share of Rosneft and a 19.68 percent stake in Slavneft will be available, Shuvalov said. The government has twice failed to sell stakes in Rosneft and Slavneft in earlier privatization rounds, but Shuvalov expressed confidence that the sales will be structured in such a way as to attract investor interest. He also noted that Sibneft has already expressed an interest in the Rosneft stake, ITAR-TASS reported. An additional concern is the conflicting announcements by members of Sergei Stepashin's government about their intention to form a national oil company composed of Rosneft and Slavneft.
Foreign investors are likely to want to wait and see what happens, according to the newspaper.
According to the newspaper, the Finance Ministry has gotten Tax Ministry officials to submit for approval a list of banks whose debt to the federal budget is eligible for restructuring. The daily concluded that the addition of a new bureaucratic player could prove decisive for the sector, particularly if the Finance Ministry decides to side with the Central Bank and ARKO and lobby for a reduction in the sector's debts. As of 1 May 1999, the volume of accounts in rubles increased by 15.4 percent, compared with the beginning of 1999, and accounts in hard currency by 3.1 percent. According to ITAR-TASS, Khristenko added that in order to finance all social programs called for by various laws the government would need a sum equal to two or three annual federal budgets. Khristenko thinks that the legislation will find strong support in the Federal Council since it will give regional authorities the opportunity to choose which programs they want to be fully financed.