Bashneft: all's well that ends well.

Rosnedra has made changes into the text of the license to the Trebs and Titov fields. These amendments allow to pass it back to the balance of the Bashneft and LUKOIL's joint venture – Bashneft - Polyus, which specializes in the fields development. The changes provide the opportunity to comply with the license processing of certain volumes of oil through the use of not only the capacity of Bashneft, but, apparently, Lukoil, which has a well-developed infrastructure in the region, including pipelines, the Varandey oil loading terminal and Ukhta oil refinery.

Bear in mind, that JV JSC "Bashneft - Polyus" was created in the framework of cooperation for the development of Trebsa and Titov fields. Bashneft owns 74.9% of it, and Lukoil - 25.1%. This structure has redeemed 29 exploration wells from the last one. Bashneft, in turn, transferred the license to develop Titov and Trebsa onto the balance of the joint venture. In this regard, a dispute broke out: it was indicated in the requirements for the license that 42 % of the extracted raw materials must be processed at the company's own facilities, and since Bashneft -Polus has no refining capacity, the licenses were returned to the parent company.