Bashneft and Russneft to be able to work in Europe intermediaries

The purchase of the Dutch trader Argos Group by AFK Systema will allow Bashneft (taking into account the development of Trebs and Titov deposits) and Russneft, which are the parts of the Corporation, to improve the possibilities of the oil transportation and merchandise its production to the foreign market without intermediaries, RBK daily writes, referring to the Corporation.

Lets recall, the day before, AFK Systema and the Argos Group Holding B.V (one of the largest oil traders in the Western Europe) signed a non-binding agreement on the conditions of the acquisition of 100% in the authorized capital of the European holding company by the Russian corporation. The deal will be completed after the legal and financial checks, the company noted. The agreement hasn’t yet passed corporate approval, the RBK reports.

The Corporation didn’t comment on where the production will be delivered. The Metropol analyst. Sergei Vakhrameev assesses Argos Group at $300-$560 million.

Now Bashneft works with Swiss Souz Petrolium SA, Estonian Baltic International Trading LLC and the largest world traders Vitol, Litasco and Glencore. Also agreements with Belarusian trader Triple and British Somitekno (the largest trade contract to the total amount of $6.4 billion for the supply of oil products and diesel fuel) were made recently. Russneft works mainly with Glencore.

http://www.oilcapital.ru/company/184027.html

Translated by Svetlana Kyrzhaly