The head of “Bashneft” has warned about the risk of dubious privatization schemes


Potential investors can try to buy “Bashneft” credit “for the money”, said Tuesday, April 12, the President of Bashneft Alexander Korsik on the Exchange forum.

“Take a short credit, to buy for the money “Bashneft”, then to refinance “Bashneft” so that she will not be able to breathe, unable to invest, squeeze all the cream and at some point dissolve under one pretext or another,” he described the scheme Korsik.

The Federal government is considering selling 50,1% of shares of “Bashneft” in 2016. Another 25% of the share capital belongs to the government of Bashkiria, which does not want to part with its share.

In March, the newspaper “Vedomosti” reported on the letter from the Executive Director “Tatneftegaz” Sergei Bahir President Vladimir Putin. Bahir was offered instead of the sale of the company to transfer its in control “Tatneftegaz” for ten years, promising to pay to the Federal budget $4 billion and another $2 billion to the budget of Bashkiria. Beneficiaries “Tatneftegaz” is unknown. According to “SPARK-Interfax”, the Cypriot company is owned by RGF Investments & Energy Ltd, and its owner is Pivitol Holdings Ltd and Ristgu Ltd (British virgin Islands).

“It is wrong to buy the company for her money,” Korsik commented on the proposal to “Interfax” on the sidelines of the Exchange forum. According to Corsica, the government should require all potential strategic investors to disclose the beneficiaries. “The privatization process should go so it was just perfect. I think this is a matter of honor state agencies that organize this process”, — said a top Manager.

“System” does not claim “Bashneft”

Sistema, which until December 2014 controlled Bashneft, has no plans to participate in privatization of “Bashneft”, said Tuesday the President of “Sistema” Mikhail Shamolin: “twice into one river do not enter”. According to serves, “System” until he sees interesting assets proposed under large-scale privatization. “We are not interested in minority stakes,” said Shamolin.

The most likely candidate for the purchase of 50% of the company LUKOIL, said two Federal officials. President of LUKOIL Vagit Alekperov in February acknowledged that the company is interested in buying a controlling stake of “Bashneft”.

LUKOIL is the only possible strategic investor applying for Bashneft, recognized Korsik. According to him, since LUKOIL is the only real Challenger, he is trying to bring down the price. So, April 4, Vice-President of LUKOIL Leonid Fedun declared that the company will not overpay for Bashneft. “Today, Bashneft is already more expensive than LUKOIL with regard to animators. She is at the peak of its development. Therefore, LUKOIL does not intend to “grieve” for “Bashneft”, — said Fedun.

In order to have competition in the privatization of “Bashneft”, Korsik asked the government to start to prepare the company to the secondary placement on the stock exchange (SPO) in parallel with the search strategy. In his opinion, the market could post 10% of the shares. “Interfax” citing a source reported that it is about 10% of the voting shares. In this case, LUKOIL can continue to purchase more than 50% of the voting shares or approximately 41.6 percent of its ordinary shares. The representative of LUKOIL refused to comment.

Bashneft tried to spend SPO at the London stock exchange in the fall of 2014, the company had planned to raise $1-2 billion But the placement had to be postponed indefinitely because of the criminal case against Ural Rakhimov, who was accused of misappropriation of shares in the oil company and their subsequent legalization. In December of the same year AFK “System” according to the decision of the court was forced to hand the state a controlling stake of “Bashneft”.

On Tuesday, the capitalization of “Bashneft” on the Moscow stock exchange amounted to 448,92 bn (15:25 GMT).