Bashneft is a Russian

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) and lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturate ...

company formed by the transfer of the oil related assets of the Soviet oil ministry in Bashkortostan to the regional government of the

Republic of Bashkortostan Bashkortostan, officially the Republic of Bashkortostan, sometimes also called Bashkiria, is a Republics of Russia, republic of Russia between the Volga, Volga river and the Ural Mountains in Eastern Europe. The republic borders Perm Krai to th ...

Boris Yeltsin Boris Nikolayevich Yeltsin (1 February 1931 – 23 April 2007) was a Soviet and Russian politician and statesman who served as President of Russia from 1991 to 1999. He was a member of the Communist Party of the Soviet Union (CPSU) from 1961 to ...

. It was then privatized during 2002-3 by Murtaza Rakhimov, the president of Bashkortostan, an ally of Yeltsin's, with a controlling interest in Bashkir Capital, a holding company controlled by Rakhimov's son,

Ural Rakhimov Ural Murtazovich Rakhimov (; , ''Räximov Ural Mortaza ulı''; born 13 December 1961) is a Russian businessman of Bashkir ethnicity. Rakhimov is the 191st richest man in Russia with a net worth of US$500 million as of 2011.Vladimir Yevtushenkov Vladimir Petrovich Yevtushenkov (; born 25 September 1948) is a Russian billionaire business oligarch. He is the majority owner (49.2%) and former сhairman of Sistema. As a member of the Russian-Saudi Economic Council and as chairman since 200 ...

and placed in his holding company,

Sistema AFK Sistema PAO is a large Russian conglomerate company, founded by Vladimir Yevtushenkov, who was chairman of the corporation's board of directors until 2022. In April, Yevtushenkov's shareholding in Sistema has decreased to 49.2%, and he also ...

, but in July 2014 he was jailed and 72% of Sistema's interest in Bashneft seized by the Russian government. Following seizure of the company in December 2014 Yevtushenkov was released from jail, "charges not proven," but Ural Rakhimov was reported to have fled the country. It is one of the larger producers of oil products in the country. The company operates 140 oil and natural gas fields in Russia and has an annual oil production of 16 million tonnes. Bashneft owns three oil refineries located in Ufa with a combined capacity of and 100 petrol stations.

History

The Russian holding

bought a controlling stake in Bashneft in March 2009 for US$2 billion. In March 2014, Bashneft acquired a 100% stake in Russian oil firm Burneftegaz in a deal totalling more than $1 billion. Murtaza Rakhimov and Kadir Timergazin formerly worked for Bashneft. In 2016, Bashneft was ranked as being among the 12th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic. Bashneft has been ranked no. 48 in the

Arctic Environmental Responsibility Index The Arctic Environmental Responsibility Index (AERI) is a ranking of environmental responsibility based on a survey among 173 members of the ''International Panel on Arctic Environmental Responsibility'' (IPAER), whose input is processed using segme ...

(AERI) that covers 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle. On the website of PJSC Bashneft, after the introduction of

International sanctions during the 2022 Russian invasion of Ukraine Following the full declaration of the Russian invasion of Ukraine, which started on 24 February 2022, institutions such as the United States, the European Union, and other Western countries introduced or significantly expanded International san ...

, information about members of the board of directors and the board of the company was deleted.the board of directors
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References

External links

* {{authority control Oil companies of Russia Oil companies of the Soviet Union Non-renewable resource companies established in 1946 Companies listed on the Moscow Exchange Sistema Russian brands 1946 establishments in the Soviet Union Companies based in Ufa Government-owned companies of Russia

History

See also

References

External links