Bashneft to Issue Ruble Bonds

摘要

Russian oil firm Bashneft is to issue three series of seven-year bonds worth a total of 50 billion rubles ($1.65 billion) as it looks to finance acquisitions from controlling company Sistema. Sistema, a diversified investment firm, is seeking to consolidate Bashneft with its other energy assets in the Russian republic of Bashkortostan. It is taking a proposal to sell stakes in five other energy firms to Bashneft to an extraordinary general meeting of shareholders Nov. 16. Those firms are refiners Ufaneftechim, Novoil, Ufaorgsintez, Ufimskiy and retailer Bashkirnefteprodukt.