Today, JSOC Bashneft was notified by its registrar, OJSC Reestr, that the Company’s majority shareholder has changed.

According to the notification, 122,971,934 ordinary shares and 6,192,245 preferred shares of JSOC Bashneft (71.62% of its authorized share capital) have been transferred from the accounts of OJSC JSFC Sistema and CJSC Sistema-Invest to the account of the Federal Agency for State Property Management.

This follows the ruling of the Moscow Commercial Court, which came into effect on December 8, 2014. On October 30, 2014, the court upheld the claim of the Prosecutor General’s Office of the Russian Federation for the recovery of JSOC Bashneft’s shares owned by JSFC Sistema and CJSC Sistema-Invest in favour of the Russian Federation.

‘The Company’s financial and operating results for 2014 show that the uncertainty surrounding our majority shareholder has not affected our performance or the strict implementation of our business plan,’ underscored Bashneft’s President Alexander Korsik. ‘Bashneft’s management continues to ensure the smooth operations of the Company and strict compliance with its obligations to the state, the Company’s shareholders, lenders, partners, employees and all other stakeholders.’