Binbank buys oil and gas company of Bashneft’s ex-head

Binbank Group has acquired oil and gas company Petrarko, owned by former president of Bashneft Viktor Khoroshavtsev; this follows from the Binbank’s consolidated interim financial statements under IAS in the first six months of 2015.

The document states that in June 2015 the Binbank Group acquired 100% of UNGP Holding’s shares from a third party. This company owns 100% of Petrarko’s shares.

Petrarko is an independent oil and gas company, which operates in the Orenburg region. The company is a technology partner of Gazprom for the processing and transportation of hydrocarbons. "The agreement for the purchase of the shares contained a number of conditions that restrict the Binbank group’s ability to exercise, as a shareholder, corporate control of the bought property during 1 year from date of the purchase," - the financial statements state.