* Oil output 352,600 bpd in quarter, up 11 pct on year
* Revenue rises 21 pct, EBITDA up by 26 pct
* Deals in Bashneft shares blocked due to investigation
* Moscow court upheld shares arrest
* Sistema says doesn't plan to sell Bashneft
(Updates with court upholding injunction)
MOSCOW, Aug 27 Bashneft, a mid-sized
Russian oil producer, posted a 20 percent rise in net profit and
its highest average daily oil production in 20 years for the
second quarter, but its shares fell as its majority owner was
barred from selling.
Bashneft had been considering listing up to $2 billion worth
of shares in London as early as September.
But parent company Sistema, a conglomerate, has
been restricted from selling shares in Bashneft due to an
On Wednesday a court in Moscow overturned an appeal by
Sistema and upheld an injunction prohibiting it from selling
Bashneft shares, according to reports in local news wires.
Both Bashneft and Sistema declined to comment on the ruling.
Bashneft shares were down around 3.5 percent in Moscow.
Its oil production reached 4.37 million tonnes in the second
quarter (352,600 barrels per day), up 11 percent compared with
the same period last year and its highest output in 20 years,
the company said.
"The solid set of numbers was primarily driven by the
increase in oil products output. As expected, Bashneft showed
upward dynamics across all three key financial parameters,
revenue, EBITDA and net income," VTB Capital said in a note.
Net profit reached 15.9 billion roubles ($440 million) in
the second quarter, with revenues up 21 percent at 163.2 billion
roubles. Earnings before interest, taxation, depreciation and
amortisation (EBITDA) rose 26 percent to 28.6 billion roubles.
Since Sistema became the majority shareholder in 2009,
Bashneft has been showing one of the highest production growth
rates among Russian oil companies thanks to advanced recovery
techniques used at its mostly depleted deposits.
Russian business daily Vedomosti has reported that
state-controlled Rosneft, Russia's biggest oil
producer, was interested in buying Bashneft. Rosneft declined to
Mikhail Shamolin, Sistema's chief executive officer, said on
Wednesday that Sistema had not received any offers to sell
Bashneft and did not plan to sell it, Interfax news agency
Local media have also speculated that the restrictions on
deals in Bashneft stock could be linked to elections of the
leader of the Urals region of Bashkortostan due later this year.
Sistema acquired the bulk of Bashneft shares from entities with
connections to the former leader of Bashkortostan.
Sistema has said the restrictions are related to an
investigation, which it is not party to "and with which the
company plans to fully cooperate".
Bashneft said last month it would postpone a share sale in
London, citing unfavourable market conditions.
Sistema directly owns almost 72 percent of Bashneft's voting
rights and has an economic stake of 86.7 percent, including 12.6
percent which it owns through subsidiary Sistema-Invest.
(1 US dollar = 36.1200 Russian rouble)
(Reporting by Olesya Astakhova, Vladimir Soldatkin and Katya
Golubkova; Editing by Maria Kiselyova and Jane Baird)