PRESS: Russia’s TAIF may team up with Tatneft to buy Bashneft

MOSCOW, Aug 24 (PRIME) -- Russian petrochemicals producer TAIF Group will become a partner of oil maker Tatneft if it participates in privatization of Bashneft oil company, TAIF CEO Albert Shigabutdinov told business daily Vedomosti in an interview on Wednesday.

“We have an arrangement that if Tatneft makes it (into the participants’ list) we will participate on a parity basis, we have not sent a separate application,” Shigabutdinov said.

He said he did not know the fair price for Bashneft, but that TAIF can borrow 600 billion rubles maximum.

According to the CEO, Bashneft and TAIF could raise each other’s revenue due to a synergy effect because TAIF owns a network of oil product pipelines which can carry oil.

Last week the government postponed privatization of a 50.08% stake in Bashneft beyond 2016. Shigabutdinov did not tell Vedomosti whether his position concerning the asset changed after this ruling.

(64.7684 rubles – U.S. $1)

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