31 March 2009, Tuesday, 12:20

AFK “System” becomes the owner of the controlling stock of Bashkir fuel-energy complex

author: Olga Gorunova

JSC Financial Corporation (AFK) “System” signed the contracts with the companies “AGIDEL-Invest”, “Ural-Invest”, “INZER-Invest” and “URUZAN-Invest” about purchase of the controlling stock of the whole Bashkir fuel-energy complex. AFK “System” will own 76,52% of the authorized capital stock of JSC “BASHNEFT”, 65,78% of JSC “UFANEFTEHIM”, 82,23% of JSC “NOVOIL”, 73,02% of JSC “UFAORGSINTEZ”, 78,49% of JSC “UFIMSKY oil-processing plant” and 73,33% of JSC “BASHKIRNEFTEPRODUCT”.

As Prime-Minister of Government RB Rail Sarbaev commented this transaction, the vertically integrated oil company will be established in the nearest future on the base of these Bashkir enterprises and this step will contribute to further development and rational usage of economic potential RB.

Rail Sarbaev underscores that this deal is economically expedient and quite reasonable under the conditions of the economic crisis. AFK “System” is very experienced in attraction of investments and one may expect that the technical constituent of oil-mining and oil-processing enterprises RB will be substantially refurbished and economic positions of these companies will be improved.

As for the influence of this bargain upon Republican economics, Rail Sarbaev thinks that together with the modernization of the productions AFK “System” intends to start now Bashkortostan may figure on additional intakes into its budget and on new workplaces for local citizens.

President of AFK “System” Leonid Melamed said: “We came here to create new incentives and open new horizons for Bashkir fuel-energy complex”. He added that the vertically integrated oil company would be registered in Ufa in the course of 2009. The sum of all transactions is 2,5 billion USD. In opinion of Rail Sarbaev this sum means additional profits for investors as well as for the Republic in a whole.