Bashneft sells oilfield service assets

The transaction approved by Bashneft’s Board of Directors forms part of Bashneft’s strategy for divesting the Company’s non-core assets.

As has been reported earlier, in the first quarter of 2013, Bashneft completed the establishment of an oilfield service holding company managed by LLC Bashneft-Service Assets. The holding company comprised 11 oilfield service organizations with market development potential:

    LLC Bashneft-Bureniye;
    LLC Ufimsky Administration of Underground Workover;
    LLC Bashkirsky Branch of Well Workover;
    LLC Oktyabrsky Plant of Oilfield Equipment;
    LLC Neftekamsky Plant of Oilfield Equipment;
    LLC Department of Motor Vehicles of Bashneft;
    LLC Oktyabrskoye Administration of Utility Vehicles;
    LLC Arlanskoye Administration of Utility Vehicles;
    LLC Arlanskoye Administration of Maintenance of Site Access Roads;
    LLC Transkhim;
    LLC Yanaulskoye Administration of Neftestroymontazh.

These enterprises provide services related to drilling, current and major workover of wells, manufacture of oilfield and mechanical equipment, transport and construction.

Bashneft and Bashneft-Service Assets will continue their cooperation on market terms.