ROSNEFT BOUGHT BASHNEFT
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.
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Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3 percent.
New data suggests that in 2Q17 global stocks fell by 0.5 mb/d and preliminary data for July, particularly in the United States where stocks fell by 790 kb/d, is supportive. Even so, we must not forget that they are falling from a very great height in volume terms. At the end of 2Q17, OECD commercial stocks, which are the component of the global total for which we have the most visibility, stood at 3 021 million barrels, still more than 219 mb above the five-year average although they have now fallen below 2016 levels. As an exercise, if OECD stocks fell by 0.5 mb/d until the end of 1Q18 when the current output agreements expire they would still be about 60 mb above the five-year average.
Средняя цена нефти марки Urals по итогам января - июля 2017 года составила $ 49,94 за баррель.
OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.