Sistema has reiterated plans to find a strategic investor for Bashneft, just a month after denying that it is in talks over selling the company or a stake in it to state-controlled Rosneft. Sistema owner Vladimir Yevtushenkov said this week that he is open to talks on offering a Bashneft stake to a strategic investor or placing shares. Last month, Sistema sold its 49pc stake in Russneft to companies linked to Russneft founder and 51pc shareholder Mikhail Gutseriyev for $1.2bn, which is 12 times what it paid for the stake in 2010 (FSUE, 20 June, p11). The price reflects its contribution to Russneft’s improved performance, Sistema said.
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