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Russian treasury cashes in on booming privatization receipts
Interfax

Moscow, 27 June: Federal budget receipts from privatization and the sale of government property in January-May soared almost 600 per cent year-on-year.

A report from the State Property Ministry [Ministry of Property Relations] says that R94.19bn were added to state coffers in five months, up from R13.81bn during the same period in 2002.

Out of that amount R14.5bn came from the use of federal property, or 67 per cent more than the target figure.

Out of that amount R3.58bn were received in rent for federal property, or 20 per cent more than the target figure. Dividends on government stakes stood at R930m, or 270 per cent more than planned.

Russia's stake in the Vietsovpetro [Vietnam-Russia Petroleum] joint venture brought R8.63bn (76.7 per cent more than planned) while profits from federal state enterprises stood at R1.23bn (627.4 per cent above the target figure).

Property sales of state enterprises and military property brought R128m to state coffers, or 34.6 per cent of the target figure.

The sale of federal property guarantees budget revenues of R78.05bn. Most of the sum came from the sale of stakes in the Slavneft and LUKoil oil companies last year, the returns for which were added to the 2003 budget.

Receipts from the sale of land stood at R1.6bn and rent for land under federal ownership amounted to R16.3m.