Russian antimonopoly watchdog approves Rosneft's bid for BashneftStaff Writer | November 30, 2016
Russia’s Federal Antimonopoly Service (FAS) has approved with a few requirements a bid of oil giant Rosneft to purchase up to 100% of Bashneft, the country’s sixth-largest oil company.
Oil exploration Rosneft should comply with an order
Besides, Rosneft should comply with an order issued by the watchdog and Energy Ministry on January 15, 2015, and a government directive adjusting market rules.
Moreover, Rosneft was ordered to adjust its trade policies with regard to small-scale wholesale trade with oil products. FAS believes these measures will ensure openness and transparency of information about pricing, as well as improvement of seller – purchaser relations.
Igor Shuvalov, first deputy prime minister, signed a government directive authorising Rosneft to buy the state’s 50.08 percent interest in Bashneft for up to 330 billion roubles (about $5.3 billion) by October 15. ■