Bashneft Released Statement
OREANDA-NEWS. March 23, 2012. Due to the fact that the media have published information on an enquiry from the State Duma deputy about alleged violations during the process of granting JSOC Bashneft a license for the development of a subsoil area including the Trebs and Titov oilfields, about alleged violations during the transfer of the license for this oilfield to LLC Bashneft-Polus, as well as about alleged non-compliance of the operator of these oilfields, LLC Bashneft-Polus, with the license requirements, the Company considers it necessary to make the following statement.
JSOC Bashneft obtained the mentioned license on the order of The Government of the
On 14 December, 2011, the license was transferred to LLC Bashneft-Polus, which was a 100% subsidiary of JSOC Bashneft as of the effective date. The transfer by a parent company of a license for the development of a subsoil area to its 100% subsidiary is a common practice allowed and regulated in detail by the existing Russian legislation.
The subsequent sale of a 25.1% share in LLC Bashneft-Polus to JSC Lukoil was conducted with prior approval of the government authorities and in full compliance with the legislation of the
Neither JSOC Bashneft nor LLC Bashneft-Polus have breached the terms of the license during the whole period of holding it; they intend to conduct the development of the Trebs and Titov oilfields in compliance with all existing requirements and restrictions (including the requirement to process no less than 42% of hydrocarbons at the refining capacities of the license holder during the license period).
Therefore, JSOC Bashneft considers the information stated in the above-mentioned deputy’s enquiry to be false and damaging both to the Company’s business reputation and
In this connection, JSOC Bashneft reserves the right to use all legal means for protecting the interests of the Company and its shareholders.
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