29 Mar 2018 14:08

Russneft consolidates 100% stake in Nefterazvedka, buys treasury stock in other subsidiaries

MOSCOW. March 29 (Interfax) - Russneft has increased its stake in OJSC Nefterazedka to 100%, the company said in its IFRS report for 2017.

In January 2018, the company acquired 52,442 ordinary shares (49% of charter capital) for 0.33 million rubles, Russneft said.

Nefterazvedka is engaged in geological exploration, geophysical and geochemical operations, and oil and gas production. State property agency Rosimushchestvo previously owned 49% of shares and Russneft had 51%, according to the SPARK-Interfax analytical system.

In addition, Russneft acquired shares in a number of other subsidiary companies that were held on their respective balance sheets for a total of 979 million rubles, including 1.90% in OJSC Varyeganneft for 426 million rubles (raising its stake to 94.9%), 1.23% in OJSC MPK Aganneftegazgeologia for 121 million rubles, 0.105% of OJSC Saratovneftegaz for 32 million rubles (its stake was 96.09% as of the end of 2017) and 0.003% of OJSC Ulyanovskneft for 400,000 rubles (60.36% as of year-end).