Putin seen weighing Rosneft stake sale to China, India

Moscow

VLADIMIR Putin is considering selling part of Russia's corporate crown jewels to China and India as the president struggles to meet spending commitments before his possible re-election bid in less than two years.

Russia is seeking buyers for 19.5 per cent of state oil champion Rosneft OJSC and would prefer a joint deal with the two nations leading the growth in global energy demand, two people familiar with the matter said. Officials in Moscow expect to raise at least 700 billion roubles (S$15 billion) from the sale, which would set a privatisation record for the country.

Bringing two of Asia's three largest economies into Rosneft, which pumps more crude than Exxon Mobil Corp, would help Mr Putin cover budget shortfalls while strengthening his geopolitical ha…