Bashneft starts consolidating petrochemical assets

For instance, the Board of Directors decided that Bashneft should not have stakes in LLC Tuimazinskoye gas processing plant and LLC Shkapovskoye gas processing plant anymore and approved the sale of the whole stakes in these companies to United Petrochemical Company.

In the future, UPC will acquire industrial and property complexes leased by LLC Tuimazinskoye gas processing plant and LLC Shkapovskoye gas processing plant and the property complex of the bisphenol-A production unit (a raw material for producing epoxy resins and polycarbonates) from Bashneft at the market value.

Bashneft’s petrochemical assets, including OJSC Ufaorgsintez, are expected to be consolidated within United Petrochemical Company during the first half of 2013 in order to develop petrochemicals production into a separate business.