The government will not sell in 2016 60,2% of the ordinary shares (50.1 per cent of the Charter capital) of Bashneft, told RBC Federal official and a source close to the government. “There is an indication to suspend the preparation of all transaction documents”, — said one of interlocutors of RBC.
Press Secretary of Prime Minister Dmitry Medvedev Natalia Timakova has confirmed that the sale of Bashneft delayed. “By decision of the Chairman of the government privatization of”Bashneft”] was moved to a later date,” — said Timakova.
The government planned to privatize “Bashneft” to Supplement the income of the Federal budget. The Minister of economic development Alexei Ulyukayev said that the transaction is scheduled for September—October 2016. E&Y on the order of “VTB Capital” (the organizer of the transaction) appreciated the state’s stake in Bashneft in 297-315 billion rubles. the Applications for participation filed Rosneft, LUKOIL and Independent oil and gas company, Fund Energy, Antipinsky oil refinery, RDIF, “Tatneft” and “Tatneftegaz”.
A Federal official calls the three reasons for government decisions. “First, really thought, after receiving the applications, whether it is necessary to sell the entire company at such a low market. Secondly, there is also 19.5% of “Rosneft” and other companies that you can sell. Thirdly, he played the letter of the Governor of Bashkortostan Rustem Khamitov, who proposed to postpone the privatization”, — says the source. According to him, the decision the government has already agreed with the President. The representative of the Kremlin did not answer the question RBC.
The letter Khamitova, President Vladimir Putin told RBC a week ago, another Federal official. According to him, the head of Bashkortostan asked not to be privatized this year “Bashneft” or to reduce the government stake to 25%, the company continued to fulfill its social obligations to the Republic. The government of Bashkiria also owns 25% of “Bashneft” was not going to sell it along with a share of the Federal government.
Interviewed by RBC officials, the economic development Ministry, energy Ministry and Finance Ministry do not yet know about the decision of Medvedev. The representatives of Rosimushchestvo and the Ministry also said that they know that the transaction is pending. Request in “VTB the Capital” remained without the answer. Representatives of the first Deputy Prime Minister Igor Shuvalov and Bashkortostan to quickly comment on the situation failed.
In anticipation of oil
The sale of “Bashneft” was supposed to be one of the largest transactions of the year, however, the new government immediately faced difficulties. Deputy Prime Minister Arkady Dvorkovich and presidential aide Andrei Belousov spoke out against the participation of Rosneft in the transaction. “It’s kind of stupid to “Rosneft” were: one public, the company participated in the privatization of other”, — said Belousov. However, the main Executive Director of “Rosneft” Igor Sechin insisted that the government should officially prohibit the company’s participation in privatization. Member of “VTB Capital told RBC that the lawyers recommended that the government adopt a decree on the prohibition for “Rosneft”.
A former employee of the Federal property management Agency calls the decision of the government is ambiguous. “To cancel the transaction after repeated public statements about selling is not a good signal to investors”, — said the interlocutor of RBC. According to him, if you do not sell now, it is unlikely that this will be done early next spring.
As at 17.40 MSK 50% of “Bashneft” cost on the Moscow stock exchange 261,5 billion RUB Portfolio Manager GL Asset management Sergey Vakhrameev believes that the asset is more expensive than the proposed estimator, the government will only with an increase in oil prices to $50 per barrel and above. Evaluation of the E&Y Vahrameev considers fair, explaining that the sale of a controlling stake as the rules stipulated premium to the market.
According to chief economist of Alfa Bank Natalia Orlova, in the period of sanctions good situation can not be, but to bring this argument now, when the deal was as many said, it is strange. Overall, however, the government’s decision is correct, says Orlov: in the future, the company can be sold more expensive.
The decision to postpone the sale of “Bashneft” can be due to the fact that privatization of the company became the harm to the government from the point of view of pr because of numerous disputes about the transaction, says political scientist Yevgeny Minchenko. In addition, when the application for participation filed Tatneft, there is a risk that voters in Bashkiria will not understand the sale of “Bashneft” the authorities of Tatarstan, he said. According to Minchenko, Medvedev’s decision is beneficial, “Rosneft”, which, most likely, would not allow to deal. “Now “Bashneft” will not get anybody” — sums up the expert.
The Story Of “Bashneft”
13 Jan 1995 established joint-stock company of open type “Joint-stock oil company “Bashneft”.
In 2002-204 years in the course of privatization of the Bashkir fuel and Energy complex control over “Bashneft” has passed the structures of the Ural Rakhimov, the son of the first President of Republic of Bashkortostan Murtaza Rakhimov.
In 2005 , Sistema bought the first large blocks of shares of OAO ANK Bashneft, four refineries and Bashkirnefteprodukt”.
In March 2009, the main owner of “Bashneft” became AFK “System”.
In December 2014 by the decision of Arbitration court recognized the privatization of “Bashneft” illegal, “the System” returned 73,9% of shares of “Bashneft” e the government.
In February 2016 , the government announced plans to privatise a 50.1% Bashneft. The consultant of the transaction was selected as “VTB Capital”.