Rus News Journal

System collects Bashneft

AFK System continues consolidation of the oil actives on base Bashnefti . The petrocompany has redeemed at Australian Endeavour Energy Ltd a block package Systems - invest which belongs more than 20 % most Bashnefti and packages in five enterprises Bashkir TEKa. The transaction has managed Bashnefti in $202 million - almost for as much System has sold 35 % of shares of company in 2006.
yesterday ANK Bashneft has informed on transaction end on acquisition of 25 % of actions of affiliated structure AFK System - System - invest - at Endeavour Energy Ltd (the Australian oil and gas company working in Asia). The permission of Federal antimonopoly service (FAS) on the transaction Bashneft has received in December, 2009. Block package cost has made $202 million which the company has listed from own means, have informed in Bashnefti . In 2006 System has received on $1 million less, having sold 35 % Systems - invest Dutch Schildershoven at which 25 % of actions then has redeemed Endeavour Energy Ltd. Who now owns the remained 10 % of shares of company, in to System and Bashnefti do not speak.

It was supposed that System - invest it will be consolidated on most to System . AFK the first has obtained permit FAS to purchase of 100 % of the company. Why a block package has redeemed Bashneft in to System do not speak, noticing only that now the company optimises possession structure the actives and the definitive scheme will be defined later . In Bashnefti Have noticed that at a stage of formation of structure of possession not very well, who exactly owns an active in group . Now System 65 % of actions " own; Systems - invest at which, in turn, - 20,77 % Bashnefti . 50,9 More % Bashnefti System supervises directly.

to Buy up actives Bashkir TEKa System has begun through System - invest . In 2006 for $600 million through it packages " have been got; Bashnefti four Ufa NPZ ( novojl - 28,17 %, Ufaneftehim - 22,43 %, Ufa NPZ - 25,52 %, Open Society Bashkirnefteprodukt - 18,57 %, Ufaorgsintez - 24,87 %) and the operator of a network of the gas station - Bashkirnefteprodukt . In 2009 System Has finished the transaction on purchase of controlling stocks in these companies, having occupied at VTB $2 mlrd, and then has resold actives Bashkir TEKa Bashnefti for 41,1 mlrd rbl. But itself Bashneft System planned to supervise directly, instead of through System - invest .

According to Alexey Kokina`s analyst from IFK Metropol Bashneft has very cheaply bought 25 % Systems - invest . By estimations of the expert, the price in $202 million - twice less than market cost. Mister Kokin adds that the transaction is necessary first of all for definitive consolidation of all oil actives on Bashnefti . Vitaly Krjukov from IFD Kapital considers that in this connection System can transfer Bashnefti the of 65 % in to System - invest . But, according to an analyst, Bashneft own actions will not own and further System will redeem them at the petrocompany.