28 December 2012, Friday, 16:15

Bashneft sells to JSFC Sistema its stake in LLC Financial Alliance

author: Elvira Latypova

On Friday Bashneft concluded a contract for the sale to JSFC Sistema of its 50% stake in the authorized capital of LLC Financial Alliance  - a professional railway rolling stock  operator.

The transaction was approved by Bashneft’s Board of Directors on December 20, 2012.

The official press-release informs that this transaction was made as part of the strategy for withdrawal of non-core assets beyond Bashneft scope, which is aimed at enhancing operational efficiency and promoting competition in the market of services provided to the Company in the sphere of oil and petroleum products railway transportation.

The transaction value based on the independent appraisal carried out by Ernst & Young makes 3.41 billion roubles.

Bashneft acquired the stake in LLC Financial Alliance in August 2012 and transferred the railcar fleet comprising of about 4,500 railcars owned by Bashneft Group to the company. Financial Alliance competitively renders Bashneft services in the sphere of railway transportation of oil and petroleum products.