Bashneft buys Orenburgnefteprodukt from RussNeft
MOSCOW. April 28 (Interfax) - Bashneft has made the fixed payment of $90 million to purchase a 94% stake in fuel distributor Orenburgnefteprodukt from RussNeft .
The purchase agreement also calls for payment of an amount equal to Orenburgnefteprodukt's net working capital as calculated within 30 days of the acquisition.
Bashneft acquired the 94% stake on April 4.
Orenburgnefteprodukt is the largest supplier of fuel and lubricants to consumers in Orenburg region. It has a network of more than 100 filling stations throughout the region and 16 fuel depots. Orenburgnefteprodukt has 31% of the regional market.
Prior to the acquisition, Bashneft retailed product via its Bashkirnefteprodukt subsidiary, which has 20 affiliates with 319 filling stations located primarily in Bashkortostan and Chelyabinsk region, and through 12 regional branches of Bashneft-Region and the Bashneft-Udmurtia chain of 48 filling stations.
RTS$#&: BANE, RUSN
