Rosneft has already transferred all funds for the purchase of a controlling stake of “Bashneft”. On Wednesday announced Russian President Vladimir Putin during a meeting with the government. The head of state said that previously instructed to check the availability of resources at the accounts of “Rosneft”, reports TASS.
“Indeed, it was confirmed that the money in the accounts of the company, there are additional funds from the market, the Russian domestic financial market, the completion of all operations, including selling and, if necessary for the purchase or redemption of shares by Rosneft, the company does not have”, – said Putin.
He stressed that all the funds are in the accounts available. “They may not be used to the detriment of current operations, not to the detriment of current cash flow without additional resources from the market”, – stressed the head of state.
Earlier, on October 12, it became known that the Board of Directors of Bashneft will consider the issue of early resignation of the President of the oil company Alexander Corsica. According to journalists, also in the near future will consider the issue on early termination of powers of Board members and election of the new composition.
Under the previous major acquisitions “Rosneft” was found in its structure a place for the employees, but when you join Bashneft’s key leaders can be claimed, wrote the newspaper “Kommersant” , citing the opinion of experts.
October 10 the staff of “Bashneft” has received a letter from Alexander Corsica on the forthcoming privatization and the possible changes. In it, he advises subordinates to focus on work and not think about the bad. On the same day, we will remind, Dmitry Medvedev has signed the order about sale of state block of shares of “Bashneft” single buyer “Rosneft”.
It was reported that the deal will amount to 329 billion 690 million rubles. Up to 14 October “Rosneft” is obliged to pay to the state and to state-owned package of shares of “Bashneft”.
In mid-July, Dmitry Medvedev decided to postpone the privatization of the company for an indefinite period, and, as he told his press Secretary Natalia Timakova, the Russian President Vladimir Putin supported him. In August Timakova said that the privatization of “Bashneft” is being postponed to a later date, but sources in the government said that the sale may not take place this year.
First Deputy Prime Minister Igor Shuvalov in an interview to “Russia 24″ in early September stated that authorities have not yet determined the sequence of privatization transactions “Rosneft” and “Bashneft”, and one of the proposals involves their conjunction in a single project. The media linked it with unwillingness to aggravate the struggle of elites before the elections to the state Duma.
Reporters noted that participation in the privatization of “Bashneft” claims “Rosneft”, which is managed by Igor Sechin, the ally of Russian President Vladimir Putin, but a number of Russian government officials argued against, saying that the sale of shares of one state-owned other state-owned company privatization can not be named.
Of the Russian Federation represented by Rosimushchestvo owns of 50.08% of the shares of Bashneft in the property of Bashkiria – 25% plus one share. Bashneft has been included in the privatization plan for 2016. The draft presidential decree on the privatization of “Bashneft”, which returned to state ownership in December 2014, involves the sale of 50% shares of the company owned by Rosimushchestvo.
Various options were considered in the transaction including sale of shares on the stock exchange or to a strategic investor. Interest in the transaction, according to Minister of economic development Alexei Ulyukayev previously showed nine companies, among which there is “direct foreign”, as well as public companies.
Earlier preparations for the privatization of “Bashneft” has sharply raised the question of whether state-owned companies to be present in such transactions, and generally on the status of state-owned companies in the Russian Energy sector.
Rosneft, the world’s largest public oil company in terms of production, according to analysts, expects that the acquisition of a stake in Bashneft will increase the value of its own shares, the package which the government plans to offer to sell, experts noted.
The government has received control over “Bashneft” after in 2014 were arrested Vladimir Yevtushenkov, owner of AFK Sistema, which owned oil company. When the shares became the property of the state, Yevtushenkov was released.
The government decided to sell the stake in Bashneft to replenish the budget deficit. Originally it was prepared for sale at auction. They were willing to participate in “LUKOIL”, which was considered the favorite, and other private companies. However, later it became known that the authorities of the Russian Federation decided without bidding to allow Rosneft to acquire a controlling stake of “Bashneft”.