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Provider: Reuters Investment Profile
Provider: Investcafe
Provider: Investcafe

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ANK Bashneft' OAO to Sell Stake in Belkamneft-Interfax

Friday, 27 Sep 2013 02:47am EDT 

Interfax reported that the Board of Directors at ANK Bashneft’ OAO (Bashneft) has approved the sale to a third party of 38.46% of the stock in Belkamneft, Bashneft's H1 IFRS report says. The deal to sell this asset had not yet been closed as of the date when the interim consolidated financial statement was approved, Bashneft said. Bashneft is selling all of the shares it holds in Belkamneft. Belkamneft produces 2.2 million tons of oil annually, according to the Central Dispatching Department of the Fuel and Energy Complex (CDU TEK). A spokesman for Bashneft declined to comment on the buyer of the stake and the price. A source familiar with the situation told Interfax that the Belkamneft stake is being sold to companies affiliated with Russneft founder Mr. Mikhail Gutseriyev. The source said that the stake in Belkamneft was essentially always a financial investment for Bashneft. Bashneft never received dividends from Belkamneft and did not have a share of its production, so the sale of the asset is a reasonable step. He also said the sale of the stake was a logical step in light of announcement that Bashneft's principal shareholder Sistema JSFC had declined to exercise its option to acquire stakes in production units of Russneft's Urals Group.