Bashneft to be cleared of non-core assets

AFK Sistema continues to buy non-core assets from Bashneft, which is under its control: following the Joint Petrochemical Company, the corporation will buy the oil-service holding company Bashneft-Service assets from the oil company. Analysts think that non-core assets don’t give additional value to Bashneft and in view of regular rumors about its sale it’s logical to withdraw them from the oil company, Kommersant writes.

The deal on Bashneft’s sale of its subsidiary Bashneft-Service assets to AFK Sistema is at the final stage, Interfax reported yesterday, referring to sources that are familiar with the situation. According to the agency, the Boards of Directors of Bashneft and AFK Sistema have approved the deal; it may be concluded during the month. The sources didn’t call the price of the deal, but noted that “it is concluded on basis of independent market assessment”. Bashneft confirmed that the deal is about its conclusion, but didn’t disclose its details. AFK Sistema didn’t comment on the deal yesterday, but stated that it was interested in the asset.