Rosneft purchases shares of Bashneft

YEREVAN, OCTOBER 12, ARMENPRESS. Rosneft has already transferred all the funds for the purchase of Bashneft, “Armenpress” reports, citing TASS, Russian President Vladimir Putin said on October 12 at a meeting with the government.

"As far as I know, Rosneft has already transferred all the funds for the acquisition of Bashneft," he said.

"I have instructed the appropriate authorities to check Rosneft resources. In fact, it was confirmed that the company has all the necessary funds, they can be used without additional market resources," Putin said.

Rosneft has signed agreement on purchasing Bashneft shares (50.08%), and has fully complied with its obligations under the contract, transferring $5.2 blnto the Federal Treasury, according to Rosneft official statement.

Earlier Medvedev signed decree on selling a 50.08% stake in Bashneft. "I have signed today a decree on the sale of 50.08% of shares in oil company Bashneft to the public joint stock oil company Rosneft at the price of 329.7 bln rubles ($5.2 bln)," the prime minister said at a meeting.

Medvedev noted that the decree for selling Bashneft shares applies to the federal budget, noting that VTB Capital will act as an agent in the deal.

"The payment for the shares needs to be carried out in a timely manner - before October 14 of this year of based on the purchase/sale agreement," the prime minister said.

He also noted that the Federal Agency for State Property Management (Rosimushchestvo) should make all the necessary decisions to include the revenues from this deal to the Russian federal budget.

Medvedev also said that a 19.5% stake in Rosneft could be sold this year.

"I hope that all the necessary decisions will be made in regard to the placement of Rosneft shares and needed investors for selling 19.5% of the company’s shares this year will be found," Medvedev said.

The Prime Minister noted that the sale of 19.5% of Rosneft shares will be held for "execution of decisions on replenishing the Russian budget for this year."