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"Bashneft" Cyprus provided "daughter" a loan of up to $ 150 million

JSC "Bashneft" has provided a Cyprus-registered subsidiary Bashneft Middle East loan amount up 150 million, said the report "Bashneft".

Transaction was 24 March Board of Directors approved a loan 21 of March.

Bashneft Middle East in January 2013 years became the owner 1,38% shares of the parent company. Later, in November, Bashneft Investments SA purchased from Bashneft Middle East 2,597 million shares of "Bashneft", consolidating 3,59% treasury shares of the parent company. On the balance of Bashneft Middle East remained 133,64 thousand preferred shares "Bashneft" (0,05% of the authorized capital).

"Bashneft" is the parent company of the Bashkir fuel and energy complex. The company specializes in the production of oil in Bashkortostan, Western Siberia and the Orenburg region, has acquired the license for subsoil in the Nenets Autonomous District, including - to large deposits Trebsa and Titov. Supplies oil to the domestic market and for export. Also in the company consists of refining assets and a network of gas stations. The main owner of "Bashneft" is AFK "System".

A source:

Tags: Cyprus Economy, Credit, Russia, Promotions