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Rosneft buys 50.075% stake in Bashneft for $5.28 bln

October 10, 13:53 UTC+3
Russian Prime Minister Dmitry Medvedev has signed a corresponding decree
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© Sergei Bobylev/TASS

GORKI, October 10. /TASS/. Russian Prime Minister Dmitry Medvedev signed decree on selling a 50.075% stake in Bashneft.

"I have signed today a decree on the sale of 50.075% of shares in oil company Bashneft to the public joint stock oil company Rosneft at the price of 329.69 bln rubles ($5.28 bln)," Prime Minister said at a meeting.

Medvedev noted that the decree for selling Bashneft shares applies to the federal budget, noting that VTB Capital will act as an agent in the deal.

"The payment for the shares needs to be carried out in a timely manner - before October 14 of this year of based on the purchase/sale agreement," the Prime Minister said.

He also noted that the Federal Agency for State Property Management (Rosimushchestvo) should make all the necessary decisions to include the revenues from this deal to the Russian federal budget. "These revenues were taken into account in forming the revenue base of the Russian budget for the current year," Medvedev said, adding that the decision to sell Bashneft controlling stake was made for fiscal consolidation and raising additional revenue.

Dmitry Medvedev also noted that he expected that a 19.5% stake in Rosneft to be sold this year.

"I hope that all the necessary decisions will be made in regard to the placement of Rosneft shares and needed investors for selling 19.5% of the company’s shares this year will be found," Medvedev said.

The minister noted that the sale of 19.5% of Rosneft shares would be held for "execution of decisions on replenishing the Russian budget for this year."

Bashneft operates in more than 20 regions of Russia and abroad. The Federal Property Management Agency before the deal owned 50 plus 1 share in the company’s share capital; the republic of Bashkortostan holds 25% plus one share. Bashneft’s shares are traded on the Moscow Exchange.

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