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23 October, Monday

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Bashneft starts consolidating petrochemical assets in United Petrochemical Company

Economy/Business

JSOC Bashneft starts consolidating petrochemical assets within OJSC United Petrochemical Company (UPC), the company reports.

The Board of Directors of JSOC Bashneft made a number of decisions. For instance, it approved the sale of the whole stakes in LLC Tuimazinskoye gas processing plant and LLC Shkapovskoye gas processing plant to United Petrochemical Company.

In the future, UPC will acquire from Bashneft at the market value industrial and property complexes leased by LLC Tuimazinskoye gas processing plant and LLC Shkapovskoye gas processing plant and the property complex of the bisphenol-A production unit (a raw material for producing epoxy resins and polycarbonates).

It is expected that Bashneft’s petrochemical assets, including OJSC Ufaorgsintez, to be consolidated within United Petrochemical Company during the first half of 2013. The given direction will be developed into a separate business.

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