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Rosneft to close deal on purchasing Bashneft on Wednesday — source

October 12, 12:56 UTC+3
The current vice president of Rosneft Andrey Shishkin will be put forward as the new president of Bashneft
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© AP Photo/Mikhail Metzel

MOSCOW, October 12. /TASS/. Rosneft plans today to close the deal on acquisition of 50.08% shares of Bashneft on Wednesday, October 12. Vice President of Rosneft Andrey Shishkin is a possible new president of Bashneft, a source familiar with the situation told TASS.

"Rosneft had to sign an agreement yesterday and transfer money and close the deal today," he said.

The source said that the current vice president of Rosneft Andrey Shishkin will be put forward as the new president of Bashneft.

Rosneft did not comment on this information.

On October 10 Russian Prime Minister Dmitry Medvedev signed decree on selling a 50.075% stake in Bashneft. 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.

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.

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