PRESS: Russia’s Tatneftegaz seeks Bashneft state stake for 10 yrs

MOSCOW, Mar 28 (PRIME) -- Little-known Russian company Tatneftegaz seeks to receive the government’s entire 75.08% stake in oil company Bashneft in temporary ownership for 10 years, business daily Vedomosti reported Monday citing Tatneftegaz CEO Sergei Bakhir’s letter to President Vladimir Putin.

The Federal State Property Management Agency, which holds 50.08% in Bashneft, and the republic of Bashkortostan, which has a 25% plus one share stake, will receive U.S. $4 billion and $2 billion, respectively, if agree to the deal, the letter said.

A 75% stake in Bashneft currently costs $4.8 billion on the Moscow Exchange, the daily said.

Tatneftegaz also pledges to make additional payments over the next two years in case of oil price growth.

Bakhir believes that a shorter period of the stake ownership will not allow the investor to earn.

Tatneftegaz also pledges to agree on the deal with minority shareholders.

Tatneftegaz was established in late 2012 and focuses on geological exploration and oil and gas production. In accordance with the letter, the company is 60% owned by Russian businessmen and 40% by European financiers and has no relation to oil company Tatneft.

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