Bashneft buys oil from LUKOIL for 98.5 billion rubles

UFA, 5 November 2014. /Bashinform News Agency, Elvira Latypova/. JSOC Bashneft buys crude oil from LUKOIL-Rezervnefteprodukt for 98.5 billion rubles. The deal under the current framework agreement with JSOC LUKOIL was made on November 1, according to the materials of the Bashkir oil company.

Liabilities under the transaction should be executed in a period before July 31, 2015. The agreement can be extended for a year and in the part of mutual settlements - until their full completion.

The deal was approved by the Board of Directors of Bashneft on October 29.

JSOC Bashneft is a vertically integrated oil company that operates in more than 20 regions of Russia and abroad. By the results of 2013 it ranks the sixth in Russia in terms of oil extraction (16.1 million tons) and the fourth in terms of its primary refining (21.4 million tons). The main shareholder is JSFC Sistema. On October 30 the Moscow Arbitration Court on the suit filed by the Prosecutor General's Office against JSFC Sistema and its subsidiary CJSC Sistema-Invest reclaimed 71.6 percent of shares in favour of the Russian Federation. The judgment may be appealed within one month.