Russia, the world's top oil producer, is reported by Bloomberg to seek Indian or Chinese buyers for a stake of 19.5 percent of its oil giant Rosneft as part of efforts to cover budget deficits and privatize its State-owned sector.

China National Petroleum Corp and Indian Oil & Natural Gas Corp have shown interests in the sale, which would fetch at least 700 billion roubles ($11 billion), sources familiar with the matter said. But Rosneft, the country's largest oil producer, will remain the controlling shareholder.

Wang Zhongcai, general manager of the overseas oil exploration unit of CNPC, also known as PetroChina, said in April that the company, as a long-standing partner of Rosneft, intends to participate in Russia's privatization plan.