Ulyukayev told about the two bids for the purchase of “Bashneft”

The head of the MAYOR Alexei Ulyukayev

According to Minister of economic development Alexei Ulyukayev, Rosneft is seen as a priority buyer of Bashneft, which was the only company that has given the consultant’s proposal, “VTB Capital”, a legally binding offer with a price higher than the price of an independent appraiser, who assessed the package from 297 billion to 315 billion rubles.

There is another company that has given a legally binding order with a price less said the Minister. To call this company, he refused, saying only that LUKOIL is not.

“Rosneft” can buy of 50.08% of shares of “Bashneft” in the privatization for an amount in the range from 325 billion to 330 billion roubles, Ulyukayev said. “The money will go to the budget this year necessarily,” he added (quoted by “RIA Novosti”).

The head of the MAYOR also confirmed that the transaction should be closed this month until October 15.

According to the Minister, the synergistic effect of the sale of the state stake in Bashneft, according to the argumentation of the investment consultant can be from 150 billion to 180 billion rubles “Consultant — Bank Intesa — argued the following synergies: first of all this processing, because part of the crude oil produced by Rosneft, processed “Bashneft”, there is the optimization of the oil flow, there is a major savings. Another important aspect is the synergy that arises from the integrated development of fields that now belong to the “Rosneft” and “Bashneft”. I think that here there is an effect, which they estimated at from 150 billion to 180 billion rubles, Respectively, it increases the value of the asset itself “Rosneft”, — said Ulyukayev.

On 6 October the government issued a Directive to allow Rosneft to buy of 50.08% of shares of “Bashneft” at a price not higher than 330 billion roubles (originally the consulting company E&Y estimated the package to 297-315 bn). According to the guidelines members of the Board of Directors of Rosneft representing the state, should vote for this deal and to instruct the head of the company Igor Sechin until October 15 to sign the contract of purchase and sale.

First Deputy Prime Minister Igor Shuvalov announced on 30 September on the resumption of the government of privatization of “Bashneft”. The head of Bashkortostan Rustem Khamitov on the following day declared that “Rosneft” is the main contender for the purchase of state-owned, but noted that LUKOIL also kept an interest in the transaction. The head of LUKOIL Vagit Alekperov still an hour before the statements of Shuvalov said he did not expect the privatization of “Bashneft” in the near future.