Bashneft intends to consolidate 100% of Ufaorgsintez

​For that purpose it is ready to purchase 22% of the oil chemicals enterprise for 3.55 bln roubles from AFK Sistema.

Bashneft plans to consolidate 100% of shares of the one of the largest in Russia oil chemicals enterprises – Ufaorgsintez- by purchasing 22% of shares from AFK Sistema (represented by Sistema Invest CJSC) or 3.55 bln roubles. Now Bashneft controls 78% of shares of the enterprise via the United Oil Chemicals Company and its affiliates.

In October 2015 the attachment was removed from 19.04% of shares that belonged to AFK Sistema. They were arrested by the case of Bashneft. It was about the investigation of the case in respect of the entrepreneur L. Airapetyan on the waste and legalization of monetary funds. Last autumn Rostekh was interested in the asset. According to the analysts, the current deal is likely to be connected with the intention of Bashneft to fully consolidate its assets turning them to the common share for further privatization.