Sistema responded to the words of Sechin the withdrawal of assets of “Bashneft”

In AFK “System” has commented on statements of the head of “Rosneft” Igor Sechin the withdrawal of assets by 4 billion RUB In a conversation with RBC, the company stressed that all transactions were conducted at market price.

“The acquisition of service assets from Bashneft for which they were non-core [in October 2013], was held at the market price determined by an independent appraiser in compliance with all corporate procedures and the approval of only the independent Directors”, — said the interlocutor of RBC.

Earlier Igor Sechin said on contractors, “which were removed from the “Bashneft”. “With the valuation of these assets at 8 billion rubles., they were removed for some reason 4 billion rubles”, — said the head of “Rosneft”. The “system” in October 2013 has acquired the service assets of “Bashneft” joint holding company “Bashneft-Service assets” (later renamed into Targin), just over 4.1 billion rubles.

According to the representative of AFK “Sistema”, at the time of purchase these assets were scattered, unprofitable and inefficient. “In subsequent years through investment in 12 billion rubles, of equipment modernization and restructuring of the group’s business Targin became effective oilfield services holding providing high-tech services drilling and repair of wells,” he said. All current contracts between the “Bashneft-servisnye aktivy” and “Bashneft” was signed according to results of tenders at market prices and long-term contracts approved independent Directors “Bashneft”.

Sechin suggested that “such organizations” has assumed part of the social burden in Bashkiria. “As a result of modernization of the company’s tax payments and social contributions of the group Targin from the date of acquisition amounted to more than 6 billion rubles, and the financing of social obligations exceeded 400 million rubles,” retorted the representative of AFK “Sistema”.