Russia’s Bashkortostan republic expects control stake in Bashneft

MOSCOW, Feb 17 (PRIME) -- Russia’s Bashkortostan Republic expects to receive a controlling stake in nationalized oil company Bashneft, republic’s Deputy Prime Minister Dmitry Sharonov told reporters on Tuesday.

“We expected to get a controlling stake,” he said.

The republic expects to obtain the stake in the coming weeks or months. “We would like to do all this faster, but there are procedural issues which do not depend on us,” Sharonov said.

In late 2014, Russia’s Federal State Property Management Agency received a 73.94% stake in the company under a court ruling that acknowledged the previous company privatization illegal. The federal agency must retain a 50% stake plus one share in Bashneft, and the remaining part can be transferred to the local authorities.

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