"The IPO will not happen earlier than by the end of next year," Russian agencies quoted Gref as saying.
He also said the state may want to sell a small stake in Rosneft to a strategic investor before the IPO, which could be Russia's largest.
On Thursday, Rosneft agreed on a $7.5 billion loan, Russia's biggest ever, with Western banks, including ABN Amro, Dresdner Kleinwort Wasserstein, JP Morgan and Morgan Stanley .
The
