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ANK Bashneft' OAO Approves Selling Stake in UPC to AFK Sistema OAO; to Deliver Petrochemicals to OJSC Ufaorgsintez


Sunday, 25 Aug 2013 04:00pm EDT 

ANK Bashneft' OAO (Bashneft) announced that its Extraordinary Meeting of Shareholders decided that Bashneft should sell its 98% stake in the authorized share capital of United Petrochemical Company (UPC) to AFK Sistema OAO (Sistema). In the course of the transaction Bashneft will sell the above-mentioned stake in UPC to Sistema for RUB 6.2 billion. The transaction value was determined based on independent appraisal made by one of the Big Four audit firms. The transaction forming part of Bashneft’s strategy for divesting non-core assets is expected to be completed before the end of the third quarter of 2013. As part of establishing long-term market relations between Bashneft and UPC, the Meeting of Shareholders approved the contract for selling up to 1.1 million tons of Bashneft’s petrochemicals to OJSC Ufaorgsintez, which forms part of UPC, before December 31, 2014. The selling price for petrochemicals will be calculated in accordance with the approved pricing formula based on current market indicators. 

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