OREANDA-NEWS. October 4, 2012. JSOC Bashneft has completed all stages of reorganization through consolidation of its subsidiaries (OJSC Ufimsky refinery plant, OJSC Novoil, OJSC Ufaneftekhim, OJSC Bashkirnefteprodukt and OJSC Orenburgnefteprodukt) with the Company. Today, the Group has been notified that the above mentioned companies have ceased to exist as separate legal entities.

"We are glad that Bashneft’s reorganization was as transparent as possible and was conducted with respect for the interests of all its shareholders and employment rights of its employees," stated Felix Evtushenkov, the Chairman of the Board of Directors. "I am convinced that successful reorganization of Bashneft will increase its efficiency, investment attractiveness and improve the quality of corporate governance."

In October 2012, a scheduled meeting of JSOC Bashneft’s Board of Directors will be held. At this meeting, the Board will approve reports on the issue of additional shares for which the shares of subsidiaries have been exchanged.

As has been reported earlier, on March 11, 2012, JSOC Bashneft announced the start of reorganization through consolidation of the mentioned subsidiaries with the Company. On April 26 and 27, 2012, decisions on the reorganization were made at Extraordinary Meetings of Shareholders of all above-mentioned companies. On June 26, 2012, the companies participating in the reorganization completed the buyout of shares from the shareholders who had submitted buyback requests in accordance with the legislation.

Consulting services in the course of reorganization were provided to JSOC Bashneft by Ernst & Young, Goldman Sachs (Russia) (financial adviser), as well as Legal Capital Partners and Liniya Prava (legal advisers).