OREANDA-NEWS. The Board of Directors of JSOC Bashneft has decided to hold an Extraordinary General Meeting of Shareholders of the Company by absentee vote on October 15, 2014. The Meeting will consider the approval of a number of related-party transactions. The list of eligible participants will be compiled as of August 27, 2014.

The Meeting will consider the approval of a long-term supply contract for paraxylene between JSOC Bashneft and LLC RusPETF, and a long-term contract for rail freight transportation services between JSOC Bashneft and OJSC SG-trans. The Meeting of Shareholders will also consider amendments to a supply contract for petrochemical products between JSOC Bashneft and OJSC Ufaorgsintez, as well as changes to the terms and conditions of a loan agreement between JSOC Bashneft and LLC Bashneft-Polyus.

These transactions relate to the Company's day-to-day operations and will be considered by the Meeting of Shareholders pursuant to Bashneft's Charter, which specifies that related-party transactions whose value totals 2 or more percent of the carrying value of the Company's assets are subject to the approval of the General Meeting of Shareholders.

Management reported to the Board of Directors on the status of preparations of JSOC Bashneft for a potential secondary public offering (SPO) of its securities planned for autumn of this year. The Board of Directors recommended postponing implementation of the project due to unfavourable market conditions.