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Russian antimonopoly watchdog approves Rosneft's bid for Bashneft

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Staff 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
Rosneft should sell within two years gasoline stations in the regions where its share on the retail motor fuel market after acquiring Bashneft would exceed 50 percent.

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.