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ANK Bashneft' OAO Transfers Shares in Ufaorgsintez to UPC-Interfax

Wednesday, 29 May 2013 02:08am EDT 

Interfax reported that ANK Bashneft' OAO (Bashneft) has transferred shares in OJSC Ufaorgsintez (Ufaorgsintez) to its subsidiary OJSC United Petrochemical Company (UPC), the companies reported. In total, UPC received 63.8 million Ufaorgsintez shares, or 65.3% of the company's ordinary shares and 56.5% of its charter capital. UPC placed an additional issue worth RUB 10.166 billion to acquire the shares. As reported, Bashneft intends to consolidate its petrochemical assets, including Ufaorgsintez and the Tuimazinsky and Shkapovsky gas processing complexes, at UPC. At the beginning of February, Bashneft raised its stake in UPC from 74.99% to 100% by purchasing 25% of the company from Petrochemical Holding, a structure belonging to the former head of Russian petrochemicals company Sibur, Yakov Goldovsky. In the future, AFK Sistema, which controls Bashneft, is expected to buy UPC in its entirety in order to develop petrochemicals separately from its oil production block. 

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