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Russia's Bashneft sells petrochemical assets to Sistema for about $192 million

9:49 AM MDT | September 18, 2013 | Francinia Protti-Alvarez

Bashneft (Moscow) has sold its 98% stake in the authorized share capital of United Petrochemical Co. (UPC; Moscow) to JSFC Sistema (Moscow), Bashneft has announced. The transaction forms part of Bashneft’s strategy to divest noncore assets. The transaction value, 6.2 billion Russian rubles ($191.9 million), was determined by an independent appraisal made by a leading audit firm. The transaction was approved at an extraordinary meeting of Bashneft shareholders on 26 August. Shareholders also approved a contract for the sale of up to 1.1 million m.t. of...

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