Sechin said about the “conclusion” of Bashneft’s assets to 4 billion rubles.

Sechin said about the “conclusion” of Bashneft’s assets to 4 billion rubles.


The Head Of “Rosneft” Igor Sechin

Photo: Sergey Guneev/RIA Novosti

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After the purchase of “Bashneft” the head of “Rosneft” Igor Sechin made his first comment on the transaction its previous owners. According to him, the oilfield service assets of the company at the end of 2013 was sold twice cheaper than market value for 4 billion rubles.

“There are contractors that have been removed from the “Bashneft”. When assessing these assets to 8 billion rubles., they were removed for some reason 4 billion rubles”, — said CEO of “Rosneft” Igor Sechin (quoted by “Interfax”), commenting on the meeting with head of Bashkortostan Rustem Khamitov. A meeting was held yesterday, October 19, just weeks after Rosneft acquired the controlling stake of “Bashneft” for 329,69 billion.

Further, this same contractor received a revenue of 53 billion rubles, and the current contract for 28 billion rubles., said Sechin. “Perhaps, then, part of the social burden such organizations will take on, given the exclusivity of their work in Bashkortostan?” — he suggested.

Sechin and “Rosneft” did not specify what kind of contractor it is. But, judging by the description, he was referring to the company Targin controlled by AFK Sistema, says close to “Bashneft” to the source. In early 2013, when “the System” that controlled oil company, it has allocated its service assets into a separate holding company “Bashneft-Service assets”, and in October sold it to AFK for 4.1 billion rubles. the “System” in December 2014 by the decision of the Moscow Arbitration court returned a controlling stake in Bashneft to the state, last week, he again changed hands, moving away Rosneft.

In the new holding company, in the summer of 2014 renamed into Targin (from the English. right in the target “bull’s — eye, right on target”), included 11 companies that provide services in the field of drilling, current and major repairs of wells, manufacture of oilfield equipment and mekhanoservis, and transportation and construction services. “Bashneft” and this holding company will continue cooperation “in the framework of relations based on market conditions”, reported the press service of the oil company. Targin really won many contracts of the Bashkir company, but has expanded the number of its customers by “Rosneft”, “Gazprom oil” “Surgutneftegaz” and other big players, said his press service.

In the RBC rating of 500 by the end of 2015 Targin 352 took placefor the year up to three lines up. But revenue never reached 53 billion rubles: at the end of 2014, it amounted to 27.5 billion rubles, and in 2015 even fell to 25.5 billion RUB Probably, Sechin was not referring to revenue, contracts, involves close to a contractor source. Targin is one of the largest employers of Bashkortostan, the company employs 18 thousand people — this is social pressure, he adds.

The representative of “Tangina” declined to comment. “The acquisition of service assets from Bashneft for which they were non-core, were carried out at market price determined by an independent appraiser, in compliance with all corporate procedures and the approval of only the independent Directors,” said RBC representative of “the System”. According to him, prior to this transaction, the service assets were scattered, unprofitable and inefficient, and their modernisation has been invested 12 billion rubles. All current contracts between the “Bashneft-servisnye aktivy” and “Bashneft” was signed according to results of tenders at market prices, he added. “As a result of modernization of the company’s tax payments and social contributions of the group Targin from the date of acquisition amounted to more than 6 billion rubles, and the financing of social obligations exceeded 400 million rubles”, — said the interlocutor of RBC.

But Khamitov told journalists that the meeting with Sechin agreed on keeping all the commitments of “Bashneft” to the Republic for dividends, tax payments and contributions to charity. He recalled that by the end of 2016, Bashneft will transfer to the Republic of 11 billion rubles., of which 7.2 billion rubles dividends.

Besides, the oil company will provide RUB 2.5 billion Ufa club “Salavat Yulaev”, which plays in the Kontinental hockey League. “I drew attention to the fact that the hockey club “Salavat Yulaev” — the brand of our Republic. Therefore, the support will remain at least at the same level. Will try to increase it at the expense of more effective work of the company”, — said Khamitov. His representative did not comment on the proposal Sechin to transfer part of the social burden to contractors of “Bashneft”.

The redemption of the shares of Bashkortostan “Bashneft” (owns 25% of the company) at the meeting was not raised, said the head of the Republic. “We need to conduct all the necessary work to transition to the standards of “Rosneft”. After that, we will Express all your suggestions on these issues in the framework of current legislation”, — Sechin has confirmed.

However, Rosneft is planning to revise the investment program of “Bashneft”, Khamitov said: “the Investment program of “Bashneft” will now be reviewed in the light of what is already there at other enterprises of “Rosneft”, but it will be big — it is for sure”. According to him, “Rosneft” “very interested in the petrochemical industry”, and here Bashkiria has to offer — first and foremost, “Ufaorgsintez”, which controls “Bashneft”. Some of the projects proposed by the previous management of “Bashneft”, will be “critically” evaluated, said the head of the Republic.