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Russian economic development ministry recommends to sell Bashneft package to Rosneft

Rosneft may buy out the government’s stake in Bashneft at a price of from 325 to 330 billion rubles, Russian Minister of Economic Development Alexei Ulyukayev said

ISTANBUL, October 9. /TASS/. Russia’s ministry of economic development recommends to sell a 50.08% stake in Bashneft to Rosneft oil major, Minister Alexei Ulyukayev said on Sunday.

"Rosneft is the only company that answered the offer of the consultant - VTB Captal - with a legally binding offer featuring a price higher than that of an independent appraiser - from 297 to 315 billion rubles (from 4.77 to 5.06 billion U.S. dollars)," Ulyukayev said, adding that the ministry has issued a draft resolution recommending Rosneft as a buyer.

The price

Ulyukayev said that Rosneft may buy out the government’s stake in Bashneft at a price of from 325 to 330 billion rubles (5.22 to 5.30 billion U.S. dollars).

"The price may stand in a range from 325 to 330 billion rubles," he said.

The minister said that under the government’s resolution the deal is to be executed before October 15. In his words, proceeds from the deal will go directly to the budget.

According to earlier reports, the investment consultant on the deal - VTB Capital - has already referred its report with the appraiser’s estimates of the government’s stake in the oil company to the ministry of economic development. Nine companies have demonstrated interest in the deal. None of them is foreign or state-owned. Only Lukoil and Antipinsky oil refinery officially announced their bids.

Among the contenders are the Russian Direct Investment Fund with its partners, Tatneft, Tatneftegaz, Independent Gas Company, Russneft and Energy Fund of Russia’s former Minister of Energy Igor Yusufov. Oil major Rosneft, whose participation initially caused much debate, also is among the contenders.

The synergetic effect

The synergetic effect from the sale of the government’s stake in Bashneft to Russia’s oil major Rosneft may reach from 150 to 180 billion rubles (2.41 to 2.89 billion U.S. dollars), Ulyukayev said.

"The consultancy - Bank Intesa - has given the following reasons for the synergy: first of all, it is refining as part of crude oil produced by Rosneft is refined by Bashneft already now, there is optimization of oil flows, with serious economy. Another major aspect is synergy stemming from comprehensive development of fields owned now by Rosneft and Bashenft. This effect is believed to stand at a sum from 150 to 180 billion rubles. Correspondingly, it will increase the appraisal of Rosneft’s asset," he said.

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