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Bashneft privatization case

Russia’s property agency wants federal government to keep 50% plus 1 share in Bashneft

The remaining package should be held by Russia's Republic of Bashkortostan

© ITAR-TASS/Sergey Bobylev

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MOSCOW, January 27. /TASS/. Russia’s Federal Property Management Agency (Rosimushchestvo) wants the federal government to keep 50% plus one share in the recently renationalized oil firm Bashneft and transfer the remaining state package to the Republic of Bashkortostan, Rosimushchestvo Head Olga Dergunova said on Tuesday.

Mid-sized Bashneft is based in the Volga Republic of Bashkortostan.

"We believe the Russian Federation should keep a controlling stake of 50% plus one share in Bashneft. Correspondingly, the remaining package should be held by the Republic of Bashkortostan," she said, adding the property agency had prepared a relevant proposal now under discussion but a final decision on the issue had not yet been made.

Meanwhile, Rosimushchestvo department head Vitaly Sergichuk said the government has sent a consolidated position to the president on transferring a part of the state stake in Bashneft to Bashkortostan.

On October 30, 2014, the Moscow Arbitration Court granted a lawsuit filed by the Prosecutor General’s Office on recognizing the Bashneft privatization as illegal and returning the company’s shares to the state.

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Vladimir Yevtushenkov Bashneft

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