Analyst Research

Report Title Price
Provider: Auerbach Grayson & Co., Inc.
$35.00
Provider: Auerbach Grayson & Co., Inc.
$35.00

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ANK Bashneft' OAO to Sell Oilfield Service Assets to AFK Sistema OAO-Interfax


Friday, 27 Sep 2013 02:39am EDT 

Interfax reported that the Board of Directors of ANK Bashneft' OAO (Bashneft) has approved the sale of 100% of LLC Bashneft-Service Assets to its parent company AFK Sistema OAO (Sistema), the oil company said in its IFRS statement for the first half of 2013. The deal to sell this company had not yet been closed as of the date when the interim consolidated financial statement was approved, Bashneft said. Sources familiar with the situation told Interfax earlier that Sistema planned to buy Bashneft's oilfield service assets. Bashneft created its service units in 2004-2005, but announced plans to divest these assets almost immediately after Sistema acquired control of the oil company in 2009. Over a period of several years, Bashneft restructured about 70 service units into about ten specialized companies. In the spring of 2013, Bashneft completed the formation of the oil services holding based on its wholly owned subsidiary LLC Bashneft-Service Assets. The holding company includes eleven oilfield services organizations: Bashneft Drilling, Ufa Well Workover Administration, Bashkir Well Workover Administration, Oktyabrsky Oilfield Equipment Plant, Neftekamsk Oilfield Equipment Plant, Bashneft Motor Transport Administration, Oktyabrskoye Utility Vehicles Administration, Arlanskoye Utility Vehicles Administration, Arlanskoye Infield Road Maintenance, Transkhim and Neftestroymontezh Yanulskoye Department.