Key Developments: ANK Bashneft' OAO (BANE.MM)

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Latest Key Developments (Source: Significant Developments)

FAS permits ANK Bashneft' OAO to buy CJSC OPTAN-AZS-AK&M
Monday, 14 Jul 2014 08:00pm EDT 

ANK Bashneft' OAO:Russia's Federal Anti-Monopoly Service (FAS) granted the application of Bashneft for the purchase of 100 percent of the shares in CJSC OPTAN-AZS, the regulatory body informed-AK&M.OPTAN-AZS (Ufa, the Republic of Bashkortostan) is principally engaged in sales of motor fuels.  Full Article

ANK Bashneft' OAO minority shareholder contesting Trebs-Titov license-Interfax
Tuesday, 8 Jul 2014 09:11am EDT 

ANK Bashneft' OAO:Moscow's arbitration court has received a claim from Riley Inozemtseva against Bashneft and the Russian Federal Subsurface Resources Agency (Rosnedra), the court said on its website-Interfax.Third parties in the suit are Lukoil and Bashneft-Polyus OOO, a Bashneft and Lukoil joint venture for developing the Trebs and Titov oil fields in the Nenets Autonomous District.The preliminary hearing is scheduled for Aug. 4.According to a source familiar with the situation, the lawsuit concerns the Trebs-Titov license.Inozemtseva, Bashneft's minority shareholder, asks for the decision of the company's board of directors on reissuing the license from Bashneft to Bashneft-Polyus OOO, as well as changes made by Rosnedra to license agreement in March, to be declared invalid.Bashneft's representative affirmed that the claim has been received.  Full Article

FAS permits ANK Bashneft' OAO subsidiary to take over three companies-AK&M
Monday, 7 Jul 2014 08:00pm EDT 

ANK Bashneft' OAO:Russia's Federal Anti-Monopoly Service (FAS) granted the application of LLC Bashneft-Retail Sales for the takeover of LLC Alternativa, LLC SKON Group and LLC Uraloil, the regulatory body informed-AK&M.The target companies are engaged in the retail trade of motor fuels.LLC Bashneft-Retail Sales (Ufa) was established as part of Bashneft's petroleum product retailing business.The restructuring assumes the consolidation of Bashneft's branches and subsidiaries specializing in retail operations on the basis of this company.  Full Article

ANK Bashneft' OAO approves share capital increase-Interfax
Friday, 4 Jul 2014 12:27am EDT 

ANK Bashneft' OAO:The board of directors of Bashneft has approved an increase in charter capital via a public placement of up to 37 million ordinary shares, the company said in a statement-Interfax.Bashneft shareholders will have preemptive rights to purchase the shares in proportion to their holdings.The board will set the placement price for the shares, including the price for current shareholders exercising preemptive rights, when the preemptive rights period expires, but no later than the beginning of the share placement.Shareholders of record on July 3 will receive preemptive rights to purchase the shares.The board also called an extraordinary meeting of shareholders on Aug. 14 to be held on a correspondence basis, at which shareholders will vote on whether to approve the underwriting agreement.  Full Article

Moody's changes outlook on ANK Bashneft' OAO Ba2 CFR to positive and affirms rating
Thursday, 3 Jul 2014 05:24am EDT 

ANK Bashneft' OAO:Moody's Investors Service has changed to positive from stable the outlook on the Ba2 corporate family rating (CFR) of Bashneft, following robust improvements to the company's business profile alongside a fairly stable financial profile over the past 24 months.Concurrently, Moody's has affirmed the rating.The outlook change reflects Moody's view that Bashneft's business profile has strengthened since the assignment of the rating in 2012, as a result of better upstream asset geographical diversification; refinery production growth; and improvements in the product mix.Moody's positively notes that Bashneft has streamlined its organizational structure and optimized its debt maturity profile.Moody's understands that the company is in the process of defining a longer-term shareholder remuneration policy.The positive outlook reflects the fact that as this clarity develops, further upward pressure on the rating could develop.  Full Article

ANK Bashneft' OAO launches reorganization of retail sales business
Wednesday, 28 May 2014 08:00pm EDT 

ANK Bashneft' OAO:Launches a program aimed at reorganizing its petroleum products retail sales business.The reorganization involves consolidation of the company’s subsidiaries and branches specializing in retail sales into a single legal entity, LLC Bashneft-Retail Sales.The company was established by renaming an existing subsidiary, LLC Bashneft-Udmurtia, which is registered in Ufa, Bashkortostan.The reorganization, which is planned to complete before the end of the year, will not entail reducing the headcount of retail sales workforce.  Full Article

ANK Bashneft' OAO places BO-05 series bonds-AK&M
Monday, 26 May 2014 08:00pm EDT 

ANK Bashneft' OAO:Bashneft has placed the BO-05 series bonds in the volume of 10 billion Russian rubles in full, the company informed-AK&M.The issue includes 10 million bonds of 1,000 rubles par and 10-year maturity.The 1st coupon rate is set at 10.7 percent per annum.VTB Capital is an underwriter.  Full Article

ANK Bashneft' OAO and NK Lukoil OAO establish JV
Wednesday, 14 May 2014 08:00pm EDT 

ANK Bashneft' OAO:Says that Bashneft and NK Lukoil OAO (Lukoil) have established a new joint venture (JV), LLC Vostok NAO Oil Company, to conduct geological exploration and prospecting and produce hydrocarbons at the companies' license areas in the Nenets Autonomous District.The JV, whose members, Bashneft and LLC Lukoil-Komi, have equal stakes, has been registered in the Nenets Autonomous District.Bashneft will transfer the subsoil licenses for the Vostochno-Padimeyskiy, Nyarioyakhskiy, Savatinskiy, Sabriyaginskiy and Yangareyskiy license areas to the JV, while LLC Lukoil-Komi will transfer the rights for the Verkhneyangareyskiy and Severo-Yareyaginskiy license areas.Taking into account the cost of licences for oil prospecting, exploration and production at the areas acquired by the members of the JV, Lukoil-Komi will make a contribution to the additional paid-in capital of LLC Vostok NAO Oil Company.Currently, the founders of Vostok NAO are conducting geological exploration at the above-mentioned areas under license agreements.The joint exploration and appraisal programme, which covers the seven license areas through 2017, includes 2D seismic surveys amounting to 1,100 linear kilometres and 3D seismic surveys covering 2,300 sq. km, envisions investments of about 5 billion Russian rubles.Exploration drilling is scheduled to begin in 2016.  Full Article

ANK Bashneft' OAO updates on FY 2013 dividend recommendation
Tuesday, 13 May 2014 08:00pm EDT 

ANK Bashneft' OAO:Says that as previously announced on April 22 the board of directors recommended allocating part of Bashneft’s net income for 2013 amounting to 37.48 billion Russian rubles for dividend payments for the 2013 fiscal year.Based on the company’s new authorized share capital the amount of dividends recommended by the board of directors was set at 211 Russian rubles per ordinary and preferred share.Earlier, the board of directors had recommended that the AGM should set the record date in accordance with the decision to pay (declare) dividends at June 23.If the AGM gives its approval, dividend payments will be made in the first half of July.  Full Article

ANK Bashneft' OAO to sell around $4 billion in oil to Normeston Trading by beginning of 2015-Interfax
Wednesday, 23 Apr 2014 08:06am EDT 

ANK Bashneft' OAO:On April 23 ANK Bashneft' OAO signed an agreement to sell Normeston Trading Limited oil for up to $4.13 billion for export, Bashneft said in a statement-Interfax.The contract is active from the moment of signing to Jan. 31, 2015, and until March 31, 2015 to complete settlements.The contract can be extended one year by mutual consent.  Full Article

Fitch Puts Sistema, MTS, Bashneft & MTS Bank on Rating Watch Negative

(The following statement was released by the rating agency) MOSCOW/LONDON, September 18 (Fitch) Fitch Ratings has put the ratings of Sistema Joint Stock Financial Corporation (Sistema) and its subsidiaries OJSC Mobile TeleSystems (MTS), Joint Stock Oil Company Bashneft (Bashneft), and OJSC MTS Bank (MTS Bank) on Rating Watch Negative (RWN). The rating actions follow charges being levied against Vladimir Evtushenkov, the majority shareholder and Chairman of the Board of Directors of Sistema,

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