In March, Bashneft raised 53.7 billion rubles for the financing of the purchase of Burneftegaz and shares buyback

In March, Bashneft raised several short-term loans for a total sum of 53.7 billion rubles for  the financing of the transaction for the purchase of Burneftegaz and shares buyiback out within the reorganization, the CFO of the company D. Stankevich says. Interest rates are 8.24-9.75% per annum. They are going to perform a refinancing within one year.

At  the end of March, Bashneft reported about purchase of 100% in Burneftegaz for over $1 billion. Burneftegaz has its own production assets in the Khanti-Mansi autonomous area. Its oil reserves exceed 50 million tons and evaluation price of these resources is up to 1 billion. However Burneftegaz bears debt of $200 million and has problems with oil exporting.