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28/03/2014
18:11
M&A: Bashneft acquires gas station network in Magnitogorsk

JSOC Bashneft has completed the acquisition of a 100% stake in LLC Promenergoresurs which owns 5 filling stations operating under the Red Oil brand name and 7 land plots in Magnitogorsk, a large industrial city in Chelyabinsk region

LLC Promenergoresurs is a leading operator on the retail motor fuel market in Magnitogorsk operating approximately 7% of all the filling stations in the city.

"Entering the market of the second largest city in Chelyabinsk region is an important step in the expansion of the company's retail network, given the geographical proximity of our refineries in Ufa to the region," said Dmitry Panyukov, Bashneft's Vice President for Regional Sales, commenting on the deal.

Prior to the acquisition of the Red Oil network of filling stations, Bashneft sold fuel products in Chelyabinsk region via 46 filling stations of its partners, none of which operate in Magnitogorsk.

Bashneft's retail network currently comprises 490 filling stations in the Republic of Bashkortostan, the Udmurt Republic, Orenburg, Sverdlovsk, Kurgan, Smolensk, Saratov and Chelyabinsk regions, as well as 279 partner filling stations in 18 other regions of Russia.

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.

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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