RusEnergy

MOSCOW, April 17 (RIA Novosti) - The Russian Economic Development and Trade Ministry approved the schedule and procedure for the upcoming IPO of state-owned oil company Rosneft at the end of last week, the head of the ministry said Monday. German Gref confirmed that the IPO, through which Russia's No. 2 crude producer could float shares worth $3bln in Russia and $12-billion on the London Stock Exchange, would take place in the third quarter of 2006, but did not specify details. At the meeting, the ministry agreed on the date, share numbers, and other details of the IPO, which must now be confirmed by the Rosneft board of directors, Gref said. "Everything remains in force," he said. Rosneft plans to sell some of its stock to repay a $7.5-billion loan it took to buy 10.74% of shares in Gazprom and thereby increase the state's share in the energy giant to a controlling block. The company, which has reported its market value at more than $25 billion, could float up to 30% of its stock, which would be Russia's biggest IPO to date.