Bashneft sets up oil, gas production company
MOSCOW. Oct 19 (Interfax) - Bashneft has set up a 100% subsidiary, Bashneft Production LLC.
"The goal of forming the production segment into a separate company is to raise the efficiency of product flow management in oil production," a company official said. Bashneft will retain ownership of all licenses to oil and gas properties.
The new company was registered on October 15
AFK Sistema is currently in the process of forming the Bashkortostan energy company assets into a vertically integrated oil company. It has transferred the function of managing the assets to Bashneft.
Sistema acquired controlling stakes in Bashneft, Ufaneftechim , Novoil , Ufaorgsintez , Ufimsky NPZ and Bashkirnefteproduct.
RTS$#&: AFKS, BANE, NUNZ, UFNC, UFOS, UNPZ