The momentum in the high-synergy convergence of Bashneft and Russneft has been bolstered this month by Bashneft’s application to the competition regulator for permission to acquire a 49 per cent stake in Russneft – a step towards a full takeover once Russneft’s debt of more than US$6 billion has been reduced and/or restructured. The share price of Sistema-controlled Bashneft – now consolidated with Bashkortostan’s important refining and petrochemical complex – has more than tripled in...
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