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Russia's Bashkiria head says optimization of Bashneft’s staff is unlikely

October 21, 2016, 10:49 UTC+3 UFA
The co-management option is under consideration
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UFA, October 21. /TASS/. Any changes in staff numbers of the Bashneft Company are unlikely, head of Bashkiria Rustem Khamitov told reporters on Friday.

"Any optimization, if any at all, I hope first of all will be aimed at higher effectiveness of the Bashneft Company," he said. "Any optimization in numbers as of today, in my opinion, is unlikely, as optimization has been rather active lately."

"We are considering the co-management option. We have 25% of the shares, our Republic’s representatives will enter Bashneft’s board of directors, that is going to happen in December 2016," he said.

"In addition, in December we plan to sign an agreement between the government of the Republic of Bashkiria and Rosneft, concerning the ways we will jointly manage Bashneft. After that we will determine our dividend policy, settle charity matters, solve tax issues and so on," Khamitov added.

As reported earlier, a special meeting of Bashneft’s shareholders is scheduled for December 16, the meeting’s participants will predominantly discuss the early termination of the board of directors’ members’ terms, determine the number of the board members and also decide on electing the members.

The privatization of Bashneft’s 50.08% stake was indefinitely postponed this past August after Khamitov’s appeal to the federal authorities. However, in late September the procedure of selling the controlling stake was resumed.

On October 12, Rosneft closed the deal of purchasing 50.08% shares in Bashneft from the government. Bashkiria continues holding 25% plus 1 share in Bashneft.

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