Head of Bashkortostan was not included in Bashneft’s Board of Directors

UFA, 16 November 2016. /Bashinform News Agency, Galina Bakhshieva/. The Head of Bashkortostan Rustem Khamitov was not included in the Board of Directors of PJSOC Bashneft. The reason is that the legislation does not provide for a possibility of combining the post of the Head of the republic with his participation in the management bodies of economic entities.

The press service of the Head of the region commented on that in the coming months it was expected to amend the regional legislation. After this it will be possible to return to the offer by the Chief Executive Officer of PJSC Rosneft Igor Sechin made to Rustem Khamitov on his joining the Bashneft’s renewed Board of Directors and to approve this decision at the annual meeting of shareholders in the summer of 2017.

Until that time it was proposed to include the Prime Minister of the Government of Bashkortostan Rustem Mardanov and the Minister of Land and Property Relations RB Evgeny Guriev in the composition of the Board of Directors.

In mid-October, a transaction on acquisition by Rosneft the state-owned stake in Bashneft for nearly 330 billion rubles was completed. Now Rosneft owns 60.16 percent of the ordinary shares (50.08 percent of the authorized capital) of the Bashkir oil company. Bashkortostan government owns 25.79 percent of the ordinary shares (25 percent of the authorized capital).