Sistema to Buy $62 Million Treasury Stock of Bashneft Refineries

Billionaire Vladimir Evtushenkov’s AFK Sistema, a controlling shareholder of OAO Bashneft, will buy treasury shares in the oil producer’s refining and marketing units for 1.92 billion rubles ($62 million).

The shares of OAO Ufa Oil Refinery (UNPZ), OAO Novoil and OAO Ufaneftekhim will be exchanged for Bashneft stock next month, as the company consolidates its refining and marketing units, Bashneft said today in an e-mailed statement. Sistema will gain an additional stake of 0.6 percent in the oil producer, according to the statement.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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