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ANK Bashneft' OAO Completes Consolidation of Petrochemical Assets within UPC


Sunday, 30 Jun 2013 08:00pm EDT 

ANK Bashneft' OAO (Bashneft) announced that it has completed consolidation of Bashneft’s petrochemical assets within United Petrochemical Company (UPC), which had started in February 2013. As part of the consolidation, UPC acquired 100% stakes in LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant from Bashneft; it also established LLC Bisphenol. Subsequently, LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant signed agreements on acquiring property, plant and equipment previously leased from Bashneft, and LLC Bisphenol acquired a bisphenol A production unit from Bashneft. Besides, as part of the consolidation of petrochemical assets, OJSC UPC issued 10,166,000 additional ordinary shares worth a total of RUB 10.166 billion. On May 30, the additional share issue of OJSC UPC was placed by public offering. In the course of placement of UPC’s additional share issue, Bashneft exercised its pre-emptive right and purchased UPC’s securities in exchange for cash and securities of OJSC Ufaorgsintez, Bashneft’s subsidiary. As a result of the transaction, OJSC UPC acquired 65.3% of ordinary shares (a 56.5% stake in the authorized share capital) of OJSC Ufaorgsintez, while Bashneft retained its stake (98%) in the authorized share capital of UPC. The consolidation of Bashneft’s petrochemical assets within United Petrochemical Company is aimed at developing petrochemical production as a separate business. 

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