NOVO-OGARYOVO, October 12. /TASS/. Rosneft has already transferred all the funds for the purchase of Bashneft, Russian President Vladimir Putin said on Wednesday at a meeting with the government.
"As far as I know, Rosneft has already transferred all the funds for the acquisition of Bashneft," he said.
"I have instructed the appropriate authorities to check Rosneft resources. In fact, it was confirmed that the company has all the necessary funds, they can be used without additional market resources," Putin said.
Russian President Vladimir Putin admitted that he was somewhat surprised by the government's position on the purchase of Bashneft by Rosneft:
"I was slightly surprised by the government's position, but it was, nevertheless, its position, especially its financial and economic bloc," Putin said.
The President explained that Rosneft, as well as many other large Russian with a part of shares owned by the state, strictly speaking, is not a state-owned company. "The company’s controlling stake belongs to the state, but a significant package is owned by foreign investors, in particular British Petroleum," he said.
In addition, according to Putin, Rosneft has offered the highest price - above the market - 330 bln rubles ($5.24 bln), which is slightly higher than the estimates by independent international experts. "Why representatives of the state in the company did not consider the decision flawed? Because after the acquisition of Bashneft will be followed by selling a large package - 19.5% in Rosneft. This is the so-called "synergistic effect". Thus, the price of 19.5% in Rosneft significantly grows and Rosneft can get back the money - the premium that it paid to the government for the purchase of Bashneft - and also sell the package to its advantage," Putin said.
Rosneft has signed agreement on purchasing Bashneft shares (50.08%), and has fully complied with its obligations under the contract, transferring $5.2 bln to the Federal Treasury, according to Rosneft official statement.
Earlier Medvedev signed decree on selling a 50.08% stake in Bashneft. "I have signed today a decree on the sale of 50.08% of shares in oil company Bashneft to the public joint stock oil company Rosneft at the price of 329.7 bln rubles ($5.2 bln)," the 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 should make all the necessary decisions to include the revenues from this deal to the Russian federal budget.
Medvedev also said that a 19.5% stake in Rosneft could 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 prime minister noted that the sale of 19.5% of Rosneft shares will be held for "execution of decisions on replenishing the Russian budget for this year.".