Analysts of Deutsche Bank think Surgutneftegaz is the best contender for Bashneft

"We believe, Surgutneftegaz is the best contender for the privatization of Bashneft," - the bank’s review says.

"Cash cushion of Surgutneftegaz in the amount of $35 billion will allow the company to maintain a very strong balance sheet, even after paying $5.4 billion for Bashneft. Surgutneftegaz will also be able to significantly improve its vertical integration and create a better synergy among all Russian oil companies at the expense of the Bashneft’s refiners. The Government would be happy to keep Bashneft on the hook at the expense of loyal to the state Surgutneftegaz," - Deutsche Bank’s analysts say.