Bashneft: Board of Directors Approves the Reorganization of the Burneftegaz Group

At the meetings held on December 9 and 10, the Board of Directors of PJSOC Bashneft approved the Company’s business plan for 2016 and a number of transactions forming part of the Company’s day-to-day operations.

In accordance with a directive from the Government of the Russian Federation, the Board of Directors approved the reorganization of Burneftegaz Group aimed at simplifying its corporate structure and improving its management efficiency. The reorganization will involve consolidation of LLC Burneftegaz, LLC Tortasinskneft, LLC Berezovskneftegaz and LLC OFIS-2010 with LLC Sorovskneft. Following the reorganization, the companies to be consolidated will be liquidated, and their assets and liabilities will be transferred to LLC Sorovskneft.