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ANK Bashneft' OAO Sells Oilfield Service Assets to AFK Sistema OAO


Monday, 30 Sep 2013 08:00pm EDT 

ANK Bashneft' OAO (Bashneft) announced that it has sold a 100% stake in the authorized share capital of LLC Bashneft-Service Assets to AFK Sistema OAO (Sistema). The transaction value determined by an independent appraiser amounted to RUB 4.1 billion. The transaction approved by Bashneft’s Board of Directors forms part of Bashneft’s strategy for divesting its non-core assets. As has been reported earlier, in the first quarter of 2013, Bashneft completed the establishment of an oilfield service holding company managed by LLC Bashneft-Service Assets. The holding company comprised 11 oilfield service organizations with market development potential: LLC Bashneft-Bureniye; LLC Ufimsky Administration of Underground Workover; LLC Bashkirsky Branch of Well Workover; LLC Oktyabrsky Plant of Oilfield Equipment; LLC Neftekamsky Plant of Oilfield Equipment; LLC Department of Motor Vehicles of Bashneft; LLC Oktyabrskoye Administration of Utility Vehicles; LLC Arlanskoye Administration of Utility Vehicles; LLC Arlanskoye Administration of Maintenance of Site Access Roads; LLC Transkhim; LLC Yanaulskoye Administration of Neftestroymontazh. These enterprises provide services related to drilling, workover of wells, manufacture of oilfield and mechanical equipment, transport and construction. Bashneft and Bashneft-Service Assets will continue their cooperation on market terms.