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Russia’s Sistema may revise strategy after Bashneft nationalization

November 27, 2014, 13:04 UTC+3 MOSCOW
"We hope that once the situation with Bashneft is resolved promptly, we will be able to form a revised holding structure," Sistema CEO Mikhail Shamolin said
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© EPA/YURI KOCHETKOV

MOSCOW, November 27. /TASS/. Russia’s multi-industry holding AFK Sistema does not rule out revising its development strategy because of the nationalization of oil producer Bashneft, Sistema said in a statement Thursday, citing CEO Mikhail Shamolin.

“These events are significantly influencing Sistema and will demand revision of the development strategy. We have already started to analyze the contents of our portfolio, the costs of the corporate center and to assess our options for further investments,” Shamolin said.

“Discussions are currently at an early stage, and we hope that once the situation with Bashneft is resolved promptly, we will be able to form a revised holding structure, which will allow Sistema to continue investing in the Russian economy," he said.

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