Sistema Asks Russia for Approval to Buy Bashkortostan Assets

AFK Sistema (AFKS), the holding company for Russian billionaire Vladimir Yevtushenkov, asked the country’s antitrust office for approval to increase its stakes in energy assets in the Russian region of Bashkortostan.

“We have applied to the anti-monopoly service for permission to buy majority stakes in six companies,” Sistema spokeswoman Julia Belous said by telephone from Moscow today. “We have always said we would like to raise our stakes in these companies, and now we have started formal procedures.”

The six companies are: OAO Ufaorgsintez, OAO Bashneft, OAO Bashkirnefteproduct, OAO Ufimsky NPZ, OAO Novoil, OAO Ufaneftekhim.

OAO Bashneft produced 230,000 barrels a day in December. The three refineries compromise 10 percent of Russian processing, according to Sistema. A petrochemicals’ plant and an oil-products trader are also among the assets. Sistema now owns about 25 percent in each of the companies.

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Guy Collins at guycollins@bloomberg.net.

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