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Bashneft

Russian oil company

Field	Value
name	Bashneft OAO
logo	Bashneft_logo.png
type	Public (OAO)
traded_as
foundation
location	Ufa, Bashkortostan, Russia
key_people	Nikolay Grakhantsev, (CEO)
industry	Oil and gas industry
revenue
revenue_year
operating_income
income_year
net_income
net_income_year
assets
assets_year
equity
equity_year
owner	Rosneft (57.7%)
num_employees	8,150
parent	Government of Russia
homepage

Bashneft is a Russian oil company formed by the transfer of the oil related assets of the Soviet oil ministry in Bashkortostan to the regional government of the Republic of Bashkortostan by Boris Yeltsin. It was then privatized during 2002-3 by Murtaza Rakhimov, the president of Bashkortostan, an ally of Yeltsin's, with a controlling interest in Bashkir Capital, a holding company controlled by Rakhimov's son, Ural Rakhimov. In 2009 a controlling interest in Bashneft was acquired for $2 billion by Vladimir Yevtushenkov and placed in his holding company, Sistema, but in July 2014 he was jailed and 72% of Sistema's interest in Bashneft seized by the Russian government. Following seizure of the company in December 2014 Yevtushenkov was released from jail, "charges not proven," but Ural Rakhimov was reported to have fled the country. It is one of the larger producers of oil products in the country. The company operates 140 oil and natural gas fields in Russia and has an annual oil production of 16 million tonnes. Bashneft owns three oil refineries located in Ufa with a combined capacity of 820000 oilbbl/d and 100 petrol stations.

History

The Russian holding Sistema bought a controlling stake in Bashneft in March 2009 for US$2 billion.{{cite web|url=https://www.businesswire.com/news/home/20141023006029/en/JSFC-Sistema-UK-Regulatory-Announcement-Statement-Regarding-JSOC-Bashneft-and-Related-Proceedings|title=Statement Regarding JSOC Bashneft and Related Proceedings|format=Press release|date=October 23, 2014|publisher=BusinessWire.com|location = International|access-date=2023-10-26|archive-url=https://web.archive.org/web/20231026195408/https://www.businesswire.com/news/home/20141023006029/en/JSFC-Sistema-UK-Regulatory-Announcement-Statement-Regarding-JSOC-Bashneft-and-Related-Proceedings|archive-date= 26 October 2023|url-status=live|quote=In 2009, Sistema increased its stake in the BashTEK companies to more than 75% by entering into agreements for the purchase of controlling stakes in the BashTEK companies (the “BashTEK Shares”) from third party private Russian companies (the “SPAs” and the “Second Acquisition”). Under the terms of SPAs, the price to be paid for the BashTEK Shares was US$ 2 billion plus an additional payment of US$ 0.5 billion which, under the terms of the SPAs, was conditional on the fulfilment of a number of conditions. These conditions were not met and, as a result and in accordance with the terms of the SPAs, the additional payment of US$ 0.5 billion was not payable. In March 2014, Bashneft acquired a 100% stake in Russian oil firm Burneftegaz in a deal totalling more than $1 billion.{{Citation

Murtaza Rakhimov and Kadir Timergazin formerly worked for Bashneft.

In 2016, Bashneft was ranked as being among the 12th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.

Bashneft has been ranked no. 48 in the Arctic Environmental Responsibility Index (AERI) that covers 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.

On the website of PJSC Bashneft, after the introduction of International sanctions during the 2022 Russian invasion of Ukraine, information about members of the board of directors and the board of the company was deleted.

References

"Список аффилированных лиц".
"Владимир Евтушенков".
(December 18, 2014). "Sistema Shares Soar as Putin Says Evtushenkov Charges Not Proven".
(December 10, 2014). "Bashneft is notified of a change of a majority shareholder". Bashneft.
(December 26, 2014). "Even Loyalty No Guarantee Against Putin". The New York Times.
"Products". bashedu.ru.
Overland, Indra. (2016). "Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic". Arran.
Overland, I., Bourmistrov, A., Dale, B., Irlbacher-Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous [[extractivism. extractive industry]] companies for governance purposes. ''Business Strategy and the Environment''. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/epdf/10.1002/bse.2698
[https://www.bashneft.ru/corporate/directors/ the board of directors]

Info: Wikipedia Source

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