Bashneft

Bashneft OAO

Type	Public (OAO)
Traded as	MCX: BANE
Industry	Oil and gas industry
Founded	1946
Headquarters	Ufa, Russia
Key people	Nikolay Grakhantsev, (CEO)
Revenue	US$ 16.3 billion (2012)
Net income	US$ 1.7 billion (2012)
Owner	Majority interest in the Russian Federal Agency for State Property Management
Number of employees	8,150
Parent	Government of Russia
Website	www.bashneft.com

Bashneft is a Russian oil company formed by the transfer of the oil related assets of the Soviet oil ministry in Bashkortostan to the regional government of the Republic of Bashkortostan by Boris Yeltsin. It was then privatized during 2002-3 by Murtaza Rakhimov, the boss of Bashkortostan, a crony of Yeltsin's, with a controlling interest in Bashkir Capital, a holding company controlled by Rakhimov's son, Ural Rakhimov. In 2009 a controlling interest in Bashneft was acquired for $2 billion by Vladimir P. Yevtushenkov and placed in his holding company, Sistema, but in July 2014 he was jailed and 72% of Sistema's interest in Bashnoft seized by the Russian government. Following seizure of the company in December 2014 Yevtushenkov was released from jail, "charges not proven," but Ural Rakhimov was reported to have fled the country. It is one of the largest producer of oil products in the country. The company operates 140 oil and natural gas fields in Russia and has an annual oil production of 16 million tonnes. Bashneft owns three oil refineries located in Ufa with a combined capacity of 820,000 bbl/d (130,000 m³/d) and 100 petrol stations.

History

Bashneft oil pump in Bashkortostan

The Russian holding Sistema bought a controlling stake in Bashneft in March 2009 for US$2.5 billion.

In March 2014, Bashneft acquired a 100% stake in Russian oil firm Burneftegaz in a deal totalling more than $1 billion.

Murtaza Rakhimov, Kadir Timergazin have worked in Bashneft.

See also

• Russneft
• Trebs and Titov oil fields