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M&A: FAS Russia permits Bashneft to acquire Promenergoresurs

Russia's Federal Antimonopoly Service granted the application of JSOC Bashneft for the purchase of a 100% equity stake in Promenergoresurs LLC, the regulatory body informed.

The transaction applied for will not restrict competition, the competition authority points out.

Promenergoresurs LLC (Magnitogorsk, Chelyabinsk region) is principally engaged in the retail trade in motor fuels and leasing of own real estate.

Bashneft (tax number: 0274051582) is the leading enterprise of Bashkortostan's fuel and energy industry. The company is engaged in the oil recovery in Republic Bashkortostan, regions of West Siberia and in Orenburg region. As of December 31, 2012, Bashneft's proven oil reserves as per PRMS amounted to 2.007 billion barrels of oil. In 2013, Bashneft increased oil production by 4.1% to 16.073 million tonnes. Bashneft's Ufa oil refining complex processed 21.399 million tonnes of oil in 2013 (+3% year-on-year).

IFRS net profit of Bashneft for 9 months 2013 decreased by 21.3% to RUB 32.542 billion from RUB 41.347 billion for the same period in 2012. Revenue increased by 6.2% to RUB 417.054 billion from RUB 392.688 billion, adjusted EBITDA by 1.1% to RUB 76.981 billion from RUB 76.119 billion, operating profit decreased by 4.8% to RUB 61.952 billion from RUB 65.072 billion, net debt by 18.6% to RUB 57.504 billion from RUB 70.651 billion.

According to the DataCapital information retrieval system, RAS net profit of Bashneft for 9 months 2013 increased 1.45-fold year-on-year from RUB 33.545 billion to to RUB 48.764 billion. Revenue went up 4% to RUB 373.811 billion. At the same time, cost value decreased by 10% to RUB 192.355 billion from RUB 214.208 billion.

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"AK&M", 24.02.2014 14:33


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