It paid the equivalent of $5.23 billion for 50.0755% of Bashneft’s charter capital.
Bashneft produced an average 398,000 b/d of crude in 2015, of which 322,000 b/d was in Bashkortostan in the Volga-Urals region. It operates three refineries with combined capacities of 464,000 b/d and has petrochemicals and product-marketing businesses.
Rosneft said the acquisition boosts its production of hydrocarbon liquids by 10% and its refinery throughput by 20%.
Andrey Shishkin, vice-president of Rosneft, was appointed president and chairman of the management board of Bashneft. Shishkin, who was Russia’s deputy minister of energy during 2010-12, will serve a 5-year term.