Bashneft to consider deals of almost $9.14 billion in value

The shareholders of Bashneft are going to consider going seven deals to the total amount of $ 9.14 billion at the extraordinary meeting on October 15th. Majority of the deals are related with supplies of raw materials and receiving services, the contractors are companies, controlled by Bashneft itself or its parent company AFK Systema (owns about 85%). A representative of Bashneft emphasizes that these transactions are not connected with the criminal case, in which shares of the oil company may be confiscated: "This is normal commercial activity".

Bashneft’s shareholders will consider a contract for a loan in the amount of $1.37 billion to its subsidiary Bashneft-Polyus - a joint venture with Lukoil (which owns 25.1%), to which Bashneft transferred a license for the Trebs and Titov fields (their reserves are estimated at 140 million tons). Until recently, the Bashneft-Polyus’ shareholders' agreement provided for equal control over the operating and financial activities of the joint venture, but in May 2014 Bashneft regained control over the company.