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News // Russia

Putin said that Rosneft used own funds for Bashneft's purchase

13 October 2016 , 10:05Neftegaz.RU972

Vladimir Putin said on October 12, 2016, that the state-controlled Rosneft has used its own funds to buy a controlling stake in mid-sized oil producer Bashneft.

 

The Russian government has completed the sale of a controlling stake in Bashneft  to Rosneft  for 329.69 billion roubles ($5.30 billion). «As far as I know, Rosneft has already transferred all the funds for the acquisition of Bashneft», said Putin.

«The entire sum - 329.69 billion rubles - will go to the Russian budget,» economy minister Alexei Ulyukayev said in a statement, adding that the government had received two bids.

 

The deal was approved by Russian Prime Minister Dmitry Medvedev on October 10, 2016.

«I have signed a decree allowing the sale of 50.7% of the shares in the Bashneft oil company to the public joint-stock company Rosneft for a price of 329.69 billion rubles,» said Medvedev.

 

British energy giant BP owns 19.75% of Rosneft, and CEO Bob Dudley said it doesn’t oppose the deal. Dudley said BP would not take part in any future privatization of Rosneft, saying the company is happy with its current stake.

 

Russia’s Bashneft inherited the oil related assets of the Soviet Union in the Russian republic of Bashkortostan. It is one of the largest crude producers in the country, with more than 180 oil fields producing 19 million tons of oil per year.

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