AFK “Systema” not to purchase United Chemicals Company from Bashneft

AFK “Systema” has decided to close the deal on the purchase of the United Chemicals Company from Bashneft. The parties agreed about it a year ago. AFK “Systema” was to pay over 6 bln roubles to its affiliate. But on the background of the criminal investigation concerning the deal of Bashneft, in the framework of which the major shareholder of AFK “Systema”, V. Evtushenkov, is under home arrest, it was decided to turn away from the deal. As a result Bashneft will save its non-core asset and AFK “Systema” – its money.

Sources of Kommersant close to the Board of Directors of Bashneft said that yesterday it considered the issue of termination of the contract on the sale of United Chemicals Company. On the results of the meeting it was decided that United Chemicals Company will stay the property of the oil company and won’t be sold to AFK “Systema”. In 2013 AFK “Systema” agreed on the purchase of United Chemicals Company from Bashneft which announced of its quitting its non-profile business for 6.2 bln roubles. However, the interlocutors of Kommersant say that in the current situation AFK “Systema” has decided not to spend funds on the asset. Bashneft, United Chemicals Company and AFK “Systema” yesterday refused to comment.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
12 Northfields Prospect; London, - SW18 1PE; United Kingdom
E 51° 27.454518" S 0° 14.101236"

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer