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2016-10-13 18:30:00

ROSNEFT BOUGHT BASHNEFT

РОСНЕФТЬ КУПИЛА БАШНЕФТЬ

Under the Government of the Russian Federation Decree dated October 10, 2016 Rosneft carried out necessary corporate actions to prepare for and execute the acquisition of the Government's stake in Bashneft Public Joint Stock Company representing 50.0755% of its charter capital.

The Company Board of Directors unanimously approved Rosneft's potential entry into Bashneft equity. In accordance with the BoD resolution Igor Sechin, Rosneft Chief Executive Officer, signed the Sale and Purchase Agreement of 88 951 379 Bashneft shares for RUB 329.69 bln.

On October 12, 2016 Rosneft fully met its obligations under the agreement, by paying RUB 329.7 bln to the accounts of the Federal Treasury. The deal for the acquisition of the controlling share of the Company is closed.

After the Russian President noted potential synergies from the deal and the Government Decree was released Rosneft stock price increased by 7.5% with the corresponding RUB 260 market cap growth. Therefore the first phase of the integrated deal maximizing budget revenues from the sale of the state owned oil and gas assets included in the Privatization Program for 2016 was successfully completed.

The deal was strongly appreciated by the investment community for the expansion of the Combined Company to the new crude oil and petroleum product production and supply areas, Rosneft adding 10% of liquid hydrocarbon production and 20% of refining throughput as well as for significant synergies arising from optimization of mutual oil supplies, transport and logistics costs, drilling cost reduction and joint use of production assets' infrastructure, modern technologies and know-how.

The integration of Bashneft assets into Rosneft operational perimeter will be implemented in strict compliance with the Russian law.

-----

Earlier:

ROSNEFT: 

ANTI-OPEC POSITION 

ROSNEFT'S STRATEGIC INVESTMENT 

ROSNEFT SOLD $2 BLN 

ROSNEFT & PERTAMINA AGREEMENT 

HARD RUSSIAN OIL

 

BASHNEFT: 

BASHNEFT UP 13% 

SISTEMA FELL: 35% 

RUSSIAN OLIGARCH PLACED 

BASHNEFT SIGHS IN MYANMAR 

БАШНЕФТЬ ДОГОВОРИЛАСЬ

 

 

Tags: РОСНЕФТЬ, БАШНЕФТЬ, ROSNEFT, BASHNEFT, RUSSIA, РОССИЯ

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