As became known to RBC, Prime Minister Dmitry Medvedev has decided to postpone indefinitely the privatization of “Bashneft”. The occasion was the letter head of Bashkiria in the Kremlin
Medvedev Solution
The government will not sell in 2016 60.2% of the ordinary shares (50.1% of the share capital), “Bashneft”, told RBC federal official and a source close to the government. “There is an indication to suspend the preparation of all documents on the deal,” – said one of the interlocutors RBC
A spokesman for Prime Minister Dmitry Medvedev, Natalya Timakova, confirmed that the sale of “Bashneft” postponed.. “By decision of the Prime Minister privatization [" Bashneft "] was moved to a later date”, – said Timakova
The government planned to privatize “Bashneft” to replenish the federal budget.. Economic Development Minister Alexei Ulyukayev said that the transaction is scheduled for September-October 2016. E & amp; Y on the order of “VTB Capital” (the organizer of the transaction) has estimated the state’s share in the “Bashneft” in the 297-315 billion rubles. Applications are filed “Rosneft”, Lukoil, independent oil and gas company, the fund “Energy”, Antipinsky refinery, Russian Direct Investment Fund, “Tatneft” and “Tatneftegaz».
Federal officials call the three reasons for the government’s decision. “First of all, really thinking, after receiving the applications whether or not to sell the entire company at such a low market. Secondly, there are still 19.5% of “Rosneft” and shares of other companies that can be sold. Third, the letter played a governor of Bashkortostan Rustem Khamitov, who proposed to postpone the privatization “, – says the source. According to him, the government decision has already been agreed with the President. Kremlin spokesman did not respond to the question of RBC.
About Khamitova letter to President Vladimir Putin told RBC 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 social obligations to the Republic. Bashkortostan The government also owns 25% of “Bashneft” and was not going to sell it, along with the federal government’s share.
Interviewees RBC Economic Development Ministry officials, the Ministry of Energy and the Ministry of Finance is not aware of the decision of Medvedev. Representatives of the Federal Property Management Agency and the Ministry of Economic Development also said that they do not know what the deal is postponed. In the “VTB Capital,” the press service declined to comment. Representatives of the first vice-premier Igor Shuvalov and President of Bashkortostan quickly comment on the situation failed.
Waiting for Oil
For Sale “Bashneft” was to become one of the largest deals of the year, but the government immediately faced with difficulties. Deputy Prime Minister Arkady Dvorkovich and presidential aide Andrei Belousov came out against the participation of “Rosneft” in the transaction. “This is nonsense some to” Rosneft “has participated, one state-owned company involved in the privatization of the other”, – said Belousov. However, the CEO of “Rosneft” Igor Sechin insisted that the government should officially ban the company’s participation in the privatization. A member of the “VTB Capital,” he told RBC that the lawyers recommended that the Government adopt a decree on prohibition of “Rosneft».
A former employee of the Federal Property Agency calls the decision a mixed government. “To cancel the deal after repeated public statements about the sale – not a very good signal to investors”, – the interlocutor of RBC said. According to him, if you do not sell now, it is unlikely that it will do until the spring of next year.
As of 17:40 MSK 50% “Bashneft” on the Moscow Stock Exchange worth 261.5 billion rubles. Portfolio Manager GL Asset Management Sergey Vakhrameev believes that to sell the asset more than the proposed evaluator, the government will be able only if oil prices rise to $ 50 a barrel and above. Evaluation of E & amp; Y Vahramaev considers fair, explaining that the sale of a controlling interest, as a rule, provided the premium to the market.
According to the chief economist at Alfa Bank, Natalia Orlova, in the period of the sanctions a good situation can not but result in this argument now that the deal has been said so many strange. Overall, however, the government’s decision is correct, says Orlov: In the future it will be possible to sell more expensive.
The decision to postpone the sale of “Bashneft” may be due to the fact that the privatization of the company was to harm the government in terms of PR due to the many disputes about the deal, says political analyst Yevgeny Minchenko. In addition, when an application for participation filed “Tatneft”, there was a risk that voters will not understand Bashkiria sale “Bashneft” Tatarstan authorities, he said. According to Minchenko, the decision Medvedev favorably “Rosneft”, which is likely to be prevented before the transaction. “Now,” Bashneft “will not get anyone,” – summarizes the expert
History “Bashneft»
January 13, 1995 established Joint Stock company “Joint Stock oil company” Bashneft “open type.
In 2002-2004, in the course of privatization of the enterprises of the Bashkir fuel and energy control “Bashneft” has passed structures Ural Rakhimov – the son of the first president of the Republic of Bashkortostan Murtaza Rakhimov
<. strong> In 2005, AFK “Sistema” bought the first large blocks of shares of PJSC «Bashneft», four refineries and “Bashkirnefteproduct».
In March 2009, the principal owner of “Bashneft” has become the AFC «system».
The December 2014 by the decision of the Arbitration Court, which recognized the privatization of “Bashneft” illegal, “system” has returned 73.9% of the shares “Bashneft” Federal Property Management Agency.
In February 2016 the government announced plans to privatize 50.1% “Bashneft”. Consultant of the transaction has been selected, “VTB Capital.”
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