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Updated Friday, July 30, 2010 10:24 am TWN, AP

Russia minister announces US$23-billion asset sale

MOSCOW -- Russia's economy minister says the nation plans to raise US$23 billion in the next three years by selling shares in some of the largest state-owned companies. It would be Russia's largest privatization since the 1990s.

Elvira Nabiullina was quoted by local news agencies as saying Thursday that the governement will sell assets worth 200 billion rubles (US$6.6 billion) in 2011 and 700 billion rubles (US$23.1 billion) in the next three years in total.

A ministry official says the preliminary list includes eleven firms, including Russian oil transit monopoly Transneft and three major banks.

The stakes for sale are small, and the government will still retain control in those companies.

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