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Russian petchem deals

8:34 AM MDT | October 4, 2013

Bashneft (Moscow) says it has sold its 98% stake in United Petrochemical Co. (UPC; Moscow) to JSFC Sistema (Moscow). The transaction forms part of Bashneft’s asset divestment strategy, the company says. The transaction value, 6.2 billion Russian rubles ($191.9 million), was determined by an independent appraisal made by a leading audit firm. Bashneft shareholders also approved a contract for the company to sell up to 1.1 million m.t. of petrochemicals to Ufaorgsintez (Ufa, Russia), a subsidiary of UPC, before 31 December 2014. The selling price for the...

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