Vladimir Putin signed a decree on transfer of 25% stake in Bashneft to Bashkortostan

UFA, 22 June 2015. /Bashinform News Agency, Rozaliya Valeeva, Arthur Basyrov/. Yesterday the President Vladimir Putin signed a decree on the transfer of 25% stake in Bashneft to Bashkortostan. The Government of the Russian Federation is instructed in a two-month period to ensure the transfer of 38,128,551 ordinary shares and 6,280,076 preferred shares of Bashneft to the ownership of the Republic of Bashkortostan. The decree was published on the official web portal of legal information.

Currently, the stake of the Federal Property Management Agency in the authorized capital of Bashneft is 75.08%. According to the decree, after the transfer it will drop to 50% plus one share.

The decree comes into force from the date of its signing, since June 21, 2015.

Earlier it was reported that the JSOC Bashneft plans to direct a part of the net profit of 20.07 billion rubles for dividends payment for 2014.

JSOC Bashneft is a vertically integrated company that operates in more than 20 regions of Russia and abroad. At the end of 2014 it ranked 6th in Russia in terms of oil extraction (17.8 million tons) and the 4th in terms of its primary processing (21.7 million tons). Bashneft accounts for 3.4 percent of the total oil extraction and 7.6 percent of total oil refining in Russia.