23 May 2014, Friday, 16:23

Sistema JSFC has refused to hold Bashneft IPO in London - Vladimir Yevtushenkov

author: Elvira Latypova

Sistema JSFC refused to conduct Bashneft IPO scheduled for the second half of 2014. This was told the RBC reporter on the sidelines of the St. Petersburg International Economic Forum by the Chairman of the Board of Directors of the financial corporation Vladimir Yevtushenkov.

"We refused to conduct IPO of Bashneft and Detsky Mir”, Yevtushenko said answering a question about the impact of Western sanctions against Russia on the plans of Sistema JSFC.

The intention of the principal Bashneft’s shareholder to hold IPO of the oil company at the London Stock Exchange in 2014 became known in the end of last year. In early May, Bashneft announced the completion of its reorganization, one of the goals of which was preparing for IPO in London, according to experts.

JSOC Bashneft is a vertically integrated oil company operating in the regions of Russia and abroad. According to the results of 2013 it is the seventh largest oil producer (16.1 million tons) and the fourth — in terms of its primary processing (21.4 million tons) among oil companies in Russia. The main shareholder is Sistema JSFC.