print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line

Get updates

Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Bashneft press releases


July 1, 2013

Bashneft completes the consolidation of petrochemical assets within UPC

The Annual General Meeting of Shareholders of OJSC United Petrochemical Company (UPC) convened on June 28 in Moscow discussed the company’s performance in 2012. The Meeting elected a new membership of the Board of Directors which includes:

  1. Yakov Goldovsky
  2. Felix Evtushenkov
  3. Alexander Korsik
  4. Yury Luzhkov
  5. Kirill Tyurdenev
  6. Vladimir Uvakin
  7. Salambek Khadzhiev

At the meeting of the Board of Directors of UPC held on June 29, Yakov Goldovsky was re-elected as its Chairman.
The Board of Directors also established the Management Board of UPC comprising the following persons:

  1. Kirill Tyurdenev, President
  2. Andrey Vorogushin, Vice President, Strategy and Investment
  3. Lyudmila Zakharova, Vice President, Economics and Finance
  4. Tatyana Pereyma, Vice President, Corporate and Legal Issues
  5. Andrey Tuchnin, Vice President, Commerce

The Board of Directors was informed about the completion of consolidation of Bashneft’s petrochemical assets within United Petrochemical Company, which had started in February 2013.

As part of the consolidation, UPC acquired 100% stakes in LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant from Bashneft; it also established LLC Bisphenol. Subsequently, LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant signed agreements on acquiring property, plant and equipment previously leased from Bashneft, and LLC Bisphenol acquired a bisphenol A production unit from Bashneft.

Besides, as part of the consolidation of petrochemical assets, OJSC UPC issued 10,166,000 additional ordinary shares worth a total of 10.166 billion roubles. On May 30, the additional share issue of OJSC UPC was placed by public offering; on June 11, 2013, the Federal Financial Markets Service of Russia registered the report on its results.

In the course of placement of UPC’s additional share issue, Bashneft exercised its pre-emptive right and purchased UPC’s securities in exchange for cash and securities of OJSC Ufaorgsintez, Bashneft’s subsidiary. As a result of the transaction, OJSC UPC acquired 65.3% of ordinary shares (a 56.5% stake in the authorized share capital) of OJSC Ufaorgsintez, while Bashneft retained its stake (98%) in the authorized share capital of UPC.

The consolidation of Bashneft’s petrochemical assets within United Petrochemical Company is aimed at developing petrochemical production as a separate business.




Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index


Site Map
Privacy Statement | Disclaimer