March 27, 2014 / 6:20 AM / 5 years ago

Russia's Bashneft buys small oil firm for more than $1 billion

MOSCOW (Reuters) - Russian oil producer Bashneft (BANE.MM), owned by oil-to-telecoms holding Sistema (AFKS.MM), said on Thursday it had acquired oil firm Burneftegaz, which has assets in Western Siberia, in a deal worth more than $1 billion, including debt.

Bashneft has been increasing its oil production base to feed its own refineries in the Urals region of Bashkortostan.

The company said Burneftegaz’ oil reserves are estimated at 53.4 million metric tons. Sources of funding for the transaction included debt.

Reporting by Vladimir Soldatkin, editing by Elizabeth Piper

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