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Rosneft May Buy 50% of Bashneft’s Shares for $5.2-5.3 Bln by Saturday

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Russian energy company Rosneft may buy 50.08% of Bashneft’s shares for some 325-330 billion rubles ($5.2-5.3 billion) by Saturday, Russian Economy Minister Alexey Ulyukaev said Sunday.

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ISTANBUL (Sputnik) – On Thursday, Russian government published Rosneft’s decision on the purchase of Bashneft’s shares. The corresponding agreement needs to be signed before October 15.

“The agreement on Bashneft must be signed this month, before [October] 15…The price may vary between 325 and 330 billion rubles. The state budget will receive the money immediately, certainly at some point this year,”  Ulyukaev said.

According to Ulyukaev, Rosneft was the only company that made a legally binding offer with a price exceeding the estimates of the independent appraiser, who estimated the share at 297-315 billion rubles.

“The synergy that occurs from the integrated development of fields, which now belong to Rosneft and Bashneft … is estimated [to result in] between 150 to 180 billion rubles. Consequently, it will increase the estimates of Rosneft’s assets,” Ulyukaev told reporters.

Ulyukaev noted that the governmental decree of Bashneft’s privatization recommended Rosneft as the buyer.

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