AFK "Sistema" to shed staff.

AFK "Sistema" to shed staff along with "Bashneft".

Against the background of the loss of "Bashneft" AFK "Sistema" is forced to optimize its business seriously. As the "Kommersant" informs, the corporation is experiencing difficulties in attracting funding and would cut up to 30% of its employees. But the state is at risk to get not quite what was expected, "Bashneft" can not reach the planned production levels at its most promising assets – the Trebs and Titov deposits.

AFK "Sistema", one of the key assets of which - "Bashneft" - should be returned to the State on December 8th, is forced to reduce the staff. The Corporation plans to lay off up to 30% of staff, sources familiar with the situation told "the Kommersant". Source of "the Kommersant" in the AFK stated that "recent events associated with the loss of "Bashneft" force us to make a number of difficult optimization measures, including a reduction in workforce and investment". "These tough and difficult measures are being considered now, and a decision on them will be made in the near future", - the source of "the Kommersant" states. He clarified that the reductions apply only to the holding, it employs about 350 people. AFK "Sistema" refused an official comment.