The Russian government has instructed the Economics and Energy Ministries to sell a seven percent stake in the country’s largest hydropower generator RusHydro by July 1, 2012, if “market conditions are favorable,” a government resolution posted on the government’s website said on Thursday.
The Russian government is the largest shareholder in RusHydro with a 57.9 percent stake. The Russian authorities previously planned to sell 7.97 percent minus one share in RusHydro in 2011-2013. Russian Deputy Prime Minister Igor Sechin said in late June that the government could sell the 7 percent share package within a year.
The Russian government has approved a $33 billion privatization plan for 2011-2013, which includes the sale of shares in the country’s top 10 companies.
The privatization was launched earlier this year with the sale of a 10% stake in the country’s second largest bank VTB, for about 96 billion rubles ($3.3 billion).