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Bashneft shares up almost 9% on privatization reports

October 03, 2016, 10:39 UTC+3 MOSCOW

Rosneft is likely to become the only bidder for the stake able to pay $5.2 bln

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MOSCOW, October 3. /TASS/. Ordinary shares of Russia’s oil producer Bashneft surged by 8.83% to 3,399 rubles per share at the opening trade on the Moscow Exchange on Monday, preferred stock added 4% to 1,943.5 rubles per share.

Bashneft shares are rising on the background of media reports about the upcoming transaction on privatization of the state-owned stake (50.08%) in the company. Kommersant business daily reported that the privatization deal may be carried out in the nearest weeks and even days. Rosneft is likely to become the only bidder for the stake able to pay 325 bln rubles ($5.2 bln) as Lukoil considers the price too high.

Bashneft operates in more than 20 regions of Russia and abroad. It produces and processes oil in Bashkortostan, Tatarstan, the Khanty-Mansi and the Nenets Autonomous Districts.

The Federal Property Management Agency owns 50 plus 1 share in the company’s share capital; the Republic of Bashkortostan holds a 25% stake Bashneft plus one share. Bashneft trades its shares at the Moscow Exchange.

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