Transfer of Bashneft stake to Bashkortostan to be completed no earlier than July - sources
MOSCOW. April 21 (Interfax) - The process of transferring a stake in Russian oil company Bashneft to the internal republic of Bashkortostan will be completed not earlier than beginning of July, a number of sources familiar with the situation told Interfax.
Work is underway to resolve a large number of procedural and legal issues, including those associated with minority shareholder rights, one of the sources said.
In addition, detailed legal mechanisms for transfer of the stake are being drawn up in order to ensure that the deal meticulously complies with all laws and gives no openings for disputes in future, another source said.
Bashkortostan will most likely not have any authority to influence Bashneft operations, although earlier it was thought representatives of the administration might be able to take part in operational management of the company.
The sources agreed that Bashkortostan would manage to be included among the Bashneft shareholders eligible to receive dividends for 2014. Their opinion stems from the law on stock companies stipulating that the date for closing the register of shareholders eligible to receive dividends must be between 10 and 20 days after the meeting of shareholders that approved the dividends.
The Bashkortostan administration declined to comment on the information.
A Bashneft representative also declined to comment, saying that the issue was in the hands of the federal executive authorities.
Rosimushchestvo chief Olga Dergunova said previously that her agency had prepared a draft decree on transfer of a Bashneft stake to Bashkortostan and was simultaneously drawing up a Bashneft shareholder agreement.
An Energy Ministry representative told Interfax earlier that Bashkortostan was expected to receive 25% plus one share in Bashneft. "This position was formed by Rosimushchestvo and the Economic Development Ministry. The Energy Ministry agreed the draft acts of the president and government," the Energy Ministry representative said, adding that the Bashneft shareholder agreement was in the drafting stage and it was too early to speak about its terms.
Bashneft President Alexander Korsik said the company would be able to pay 20 billion rubles in dividends for 2014, which amounts to 46% of IFRS net profit last year. Because it was transferred into state ownership last year, Bashneft is legally required to pay at least 25% of IFRS net profit as dividends.
Sistema made the court-ordered transfer of a controlling stake in Bashneft to the state at the end of 2014.