Rosneft to sell Grozneftegas oil assets to Chechnya

Rosneft to sell  Grozneftegas oil assets to Chechnya

Russian oil giant Rosneft could be preparing to sell its assets in the Chechen republic to local authorities.

The proposals include selling a 51% share in the company's Chechen subsidiary Grozneftegas to the regional government, the Kommersant newspaper reported Monday.

The company's assets in the area were valued by PwC in January 2017 at 12.5 billion rubles ($215 million).

Chechen head Ramzan Kadyrov has long wrangled for greater control of the area's oil assets by asking Russian President Vladimir Putin to transfer property belonging to Chechenneftekhimprom to the Chechen government itself. Putin finally granted Kadyrov's request in December 2015, the Moscow Times wrote.

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