Bashneft wants to carry out deoffshorization in three phases

Bashneft will transfer control over major assets, including quasi-treasury shares, under the Russian jurisdiction. This was reported by the Interfax on Monday, September 21 with reference to its own source, familiar with the draft directive, which was agreed by the Economic Development Ministry, the Ministry of Energy and the Federal Property Management Agency.

The deoffshorization will be held in three stages: the creation of a Russian company, increase in the authorized capital of foreign legal entities in order to repay intercompany debts and financing of liquidation proceedings, and liquidation of companies.

The company, to which the ownership of the assets will be transferred, will be registered in Ufa - Bashneft-invest. The authorized capital of this 100% subsidiary of Bashneft will be 9 billion rubles, 100% of the share capital will be paid in cash during 4 months from the date of the state registration of the company.