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Russia Agrees $60 Billion Privatization Plan

Russian First Deputy Prime Minister Igor Shuvalov
The Russian government has agreed a five-year privatization drive worth $60 billion that will see it sell stakes in firms such as the oil giant Rosneft.

First Deputy Prime Minister Igor Shuvalov said the government had made its final decision and the plan now only required the approval of President Dmitry Medvedev.

Shuvalov said that 900 firms were slated for privatization.

Under the plan, the state would sell a further 15 percent stake in Russia's largest oil company Rosneft over the next five years and even give up a controlling holding after 2015.

Shuvalov said other big firms set for state reductions are state banks VTB and Sberbank, the state Russian railways firm RZhD, and possibly a stake sale in flag carrier Aeroflot.

compiled from agency reports