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Russia's Lukoil interested in buying controlling stake in Bashneft — CEO

February 17, 10:10 UTC+3 BUDYONNOVSK
Russia’s Bashkortostan republic won’t sell its stake in Bashneft oil company and is not in talks on this issue
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Vagit Alekperov

Vagit Alekperov

© Denis Vyshinskiy/ITAR-TASS

BUDYONNOVSK, February 16. /TASS/. Lukoil is interested in participating in the privatization of Bashneft and purchasing the controlling stake in the company, but has not yet made a formal proposal to the government, the president of the company Vagit Alekperov told journalist Tuesday.

"We have not yet made an official proposal to the government, there are privatization conditions yet. We are ready to consider this issue and to participate. We are interested in the controlling stake," he said.

The official said that it means 50% of the company’s shares, which are currently in the federal ownership. However, he suggested that the deal could go through only by cash payments, without using Lukoil shares.

Alekperov said that Lukoil and Bashneft are partners in many projects. In particular, Lukoil is the largest supplier of oil to Bashneft refinery and a partner in Trebs and Titov oil fields.

Russia’s Bashkortostan won’t sell its stake in Bashneft

Russia’s Bashkortostan republic won’t sell its stake in Bashneft oil company and is not in talks on this issue, head of the republic Rustem Khamitov has told TASS.

"In the last two weeks I dealt quite a lot with the issues related to Bashneft and a possible sale of the federal package to private investors. As for our package - 25% plus one share - our position is not to sell," - he said.

Earlier, Economic Development Minister Alexei Ulyukayev said that Bashneft, Alrosa and Rosneft companies could be privatized first.

According to the information obtained by TASS, the government is considering two options for the privatization of Bashneft - to sell more than 50% in the company, or a more moderate stake - 25% plus one share through the stock exchange.

Earlier Reuters reported citing a source in the Russian government that several companies, in particular oil major Lukoil are interested in buying the stake in Bashneft. The company declined to comment on this information.

Founded in 1932, Bashneft operates in more than 20 regions of Russia and abroad. The Federal Property Management Agency owns 50.08% of the share capital of Bashkortostan’s government is 25% plus one share.

According to preliminary results of 2015, the company ranked sixth in terms of oil production (19.92 million tonnes), and the fourth in terms of processing of oil (19.13 million tonnes) among Russian oil companies.

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