UPDATE2: Russian govt allows Rosneft to buy 50% in Bashneft for 330 bln rbl

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MOSCOW, Oct 6 (PRIME) -- The Russian government has allowed oil major Rosneft to buy the government’s 50.08% stake in oil company Bashneft for no more than 330 billion rubles, the government said on its Web site Thursday citing its directives to members of Rosneft’s board of directors.

The relevant agreement should be signed by October 15, the government said.

On September 30, First Deputy Prime Minister Igor Shuvalov said that the government has decided to resume preparations for the sale of its 50.08% stake in Bashneft, and Rosneft was granted access to the deal. On Monday, Kommersant business daily reported that the government is discussing allowing Rosneft to buy the stake for about 325 billion rubles without an auction.

A spokesperson for the Federal Antimonopoly Service told PRIME that the service has not yet received Rosneft’s application to buy the government’s stake in Bashneft.

Rustem Khamitov, head of the republic of Bashkortostan, told Bloomberg he planned to meet with the management of Rosneft and CEO Igor Sechin after the privatization deal to discuss Bashneft’s dividend policy. Bashkortostan, which holds 25% in Bashneft, expects to continue receiving dividends from the company at the level of last year, he said.

Khamitov said earlier Bashkortostan had no plans to sell its stake in Bashneft.

Bashneft paid 29.132 billion rubles in dividends for 2015, including 7.25 billion rubles to Bashkortostan.

(62.4583 rubles – U.S. $1)

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