Bashneft’s Board has approved the purchase of a stake in JV RusPET from Grupo Petrotemex

​Bashneft’s Board has approved the purchase of a stake in the JV RusPET Holding B.V. from the Mexican Grupo Petrotemex, Bashneft reports.

In conformity with the Government order the Board of Directors decided on the purchase by a 100% affiliate of Bashneft – “United oil chemicals company” – of 49% in RusPET Holding B.V.  (the Netherlands) from Grupo Petrotemex (Mexico) at the price of not over EUR 4 mln. As a result of this deal the stake of the “United oil chemicals company” in the registered capital of RusPET Holding B.V. will make up 100%.

RusPET Holding B.V.  holds 100% in “RusPETF” Ltd founded in December 2013. In December 2014 Grupo Petrotemex decided to refuse from the project and in conformity with the norms o the agreement on the foundation of the JV sent a notification on the sale of 49% in RusPET Holding B.V. to its partner by the JV - “United oil chemicals company” – in connection with the change of its controlling shareholder.