Bashkortostan expects to retain say in Bashneft management, preserve brand
UFA. Oct 14 (Interfax) - The authorities of Bashkortostan expect to participate in the management of Bashneft and preserve the Bashneft brand following the sale of the Russian government's controlling stake in the oil company to Rosneft , and will hold negotiations on this with Rosneft, a high-ranking source in the regional government told Interfax.
The source said the deal with Rosneft, which was closed this week, "does not create any inconveniences for the republic."
"At present, under the existing shareholder agreement, we and the company [Bashneft] support the whole package of [previously signed] agreements. Therefore, we hope that with the new shareholder we will not only maintain the format for the implementation of the social projects that Bashneft is carrying out, but also significantly strengthen cooperation with participation in the company's management," the source said.
Changing Bashneft's brand would be inadvisable, the source said. "The brand will probably remain. It doesn't make sense to change this brand, which enjoys broad international popularity. Yes, and for Bashneft [the preservation of the brand] will also be the right decision," the source said.
The press service of Bashkortostan's government conformed to Interfax that the region's government intends to hold negotiations to preserve the Bashneft brand. The spokesman also said that "we haven't yet received an offer from Rosneft to buy out the republic's stake in Bashneft."
