Bashneft: Board Submits Deals to EGM for Approvals

At its latest meeting held on September 23, 2014, JSOC Bashneft’s Board of Directors decided to submit a number of related-party transactions to the Extraordinary General Meeting of Shareholders of the Company for review on October 15, 2014

Thus, it was suggested that the Meeting of Shareholders should approve a contract for drilling, construction and repairs of wells between JSOC Bashneft and LLC Targin-Bureniye, a contract for capital construction between JSOC Bashneft and LLC Yanaulsk Division ‘Neftestroymontazh’, a contract for transportation services between JSOC Bashneft and LLC Transkhim and a contract for rail freight transportation services between JSOC Bashneft and OJSC SG-trans.

The Board of Directors also approved Bashneft’s acquisition of a stake in OJSC United Petrochemical Company (UPC) through termination of the agreement on the sale of 98% of UPC’s shares to OJSC JSFC Sistema concluded in September 2013.