Bashneft has gained control over Burneftegaz for $ 1 billion

Bashneft has gained control over 100 percent stake of LLC Burneftegaz. According to Bashneft, the transaction value exceeded $ 1 billion, including the right to demand payment of debt to Burneftegaz group of companies.

The transaction was financed with borrowings.

LLC Burneftegaz is engaged in exploration and production of oil and gas in the Tyumen region, the Khanty-Mansi and Yamal-Nenets Autonomous Districts. Through wholly owned subsidiaries, it owns the rights to explore and develop Sorovskoye and Tortasinskoye fields with total С1+С2 oil reserves of the fields amounting to 53.4 million tons. LLC Tortasinskneft – wholly owned subsidiary of Burneftegaz - also holds licences for geological exploration at Severo-Ityakhskiy 3 and Vostochno-Unlorskiy subsoil areas.