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Thema: New - Bashneft

  1. #1

    Dabei seit
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    New - Bashneft

    Ich habe mal ein neues Thema zu der Neugestaltung von Bashneft als Teil der Sistem Holding erstellt:

    Bashneft sets up oil, gas production company
    MOSCOW. Oct 19 (Interfax) - Bashneft (RTS: BANE) has set up a 100%
    subsidiary, Bashneft Production LLC.
    "The goal of forming the production segment into a separate company
    is to raise the efficiency of product flow management in oil
    production," a company official said. Bashneft will retain ownership of
    all licenses to oil and gas properties.
    The new company was registered on October 15
    AFK Sistema (RTS: AFKS) is currently in the process of forming the
    Bashkortostan energy company assets into a vertically integrated oil
    company. It has transferred the function of managing the assets to
    Bashneft.
    Sistema acquired controlling stakes in Bashneft, Ufaneftechim (RTS:
    UFNC), Novoil (RTS: NUNZ), Ufaorgsintez (RTS: UFOS), Ufimsky NPZ (RTS:
    UNPZ) and Bashkirnefteproduct.

    RTS$#&: AFKS, BANE, NUNZ, UFNC, UFOS, UNPZ

    jh

  2. #2

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    Sistema/Bashneft :Integration der Raffinerien

    UPDATE 1-Sistema may redeem $2 bln loan by year end

    Tue Oct 20, 2009 8:09pm * Subject to refineries' sales to Bashneft

    * Sale could fetch $1.4 billion



    MOSCOW, Oct 20 (Reuters) - Russian holding company Sistema (SSAq.L: Quote, Profile, Research) may redeem a $2 billion VTB (VTBR.MM: Quote, Profile, Research) loan by the end of 2009, subject to the successful sale of oil refineries to Bashneft (BANE.RTS: Quote, Profile, Research), its chief executive said on Tuesday.

    "If we have time (to sell the Ufa refineries, we will repay the loan) before the end of the year," Leonid Melamed told reporters.

    Sistema, whose main asset is Russia's top mobile operator MTS (MBT.N: Quote, Profile, Research), in March paid $2.5 billion for bought control of Bashneft and five other energy firms in which it already owned blocking stakes of up to 30 percent.

    The acquisition was almost entirely financed by a $2 billion, seven-year loan from Russia's second-biggest bank, state-controlled VTB. [ID:nLU356406]

    Sistema said this month it planned to sell its controlling stakes in the five Bashkir assets to Bashneft to "build up a vertically integrated oil company". Bashneft announced plans to issue 50 billion roubles ($1.7 billion) of bonds to finance the deal.

    Melamed said four Ufa, Russia-based refineries -- Novoil (NUNZI.RTS: Quote, Profile, Research), Ufimsky (UNPZI.RTS: Quote, Profile, Research), Ufaneftekhim (UFNC.RTS: Quote, Profile, Research), Ufaorgsintez (UFOS.RTS: Quote, Profile, Research) -- and retailer Bashkirnefteproduct (BANPI.RTS: Quote, Profile, Research) -- are worth an estimated 41 billion roubles. (Reporting by Vladimir Soldatkin; Writing by Maria Kiselyova; Editing by David Holmes) ($1=29.35 Rouble)


    http://in.reuters.com/article/oilRpt...46788820091020

  3. #3

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    Aton Kurzfassung zum Sistema/Bashneft Investor´s Day

    Anmerkung: Aton bezieht sich (s.unten) eindeutig auf die Beendigung des "Tolling systems" bis Ende des Jahres.Die Konsequenz daraus wäre eine Vervielfachung des Umsatzes und eine ,aus meiner Sicht, zumindest deutliche Verbesserung der Rentabilität der Raffinerien.


    Yesterday Sistema held an investor day, where the company updated participants on all key areas of its strategy and near-term implementation plans.

    The key highlights were:

    ” Capital structure: The company plans to be debt-free, and we believe this could be achieved within a year, as Sistema plans to use at least some of the proceeds from the sale of its 51% Comstar stake (for USD 1.3bn) and the sale of Bashkir oils to Bashneft (USD 1.4bn) to repay its debt to VTB (USD 2bn) raised in the spring of 2009 to purchase the Bashkir oils; as of end-2Q09 the holding’s debt was USD 4.2bn.

    ” Svyazinvest deal: The Svyazinvest deal could take place within the next few months on the terms discussed in the media, with Comstar taking the remaining 23% in MGTS and its RUB 26bn (USD 890mn) debt to Sberbank being cancelled, in exchange for the transfer of 25% in Svyazinvest to the state. Sistema would also give the state its 50% in Sky Link; importantly, Sky Link’s debt to Sistema, which we estimate at USD 300mn, would not be cancelled, valuing Sky Link at USD 600mn, which we view as a favorable appraisal. The company also expects the state’s planned purchase of 20% of Shyam TeleServices, paying up to USD 700mn, to take place this year, which should be sufficient to fund the Indian project for about a year.

    ” Bashkir oils: Sistema plans to create a vertically integrated oil company around Bashneft, which is to consolidate 100% in the refining subsidiaries by purchasing outstanding minority stakes or swapping them for Bashneft shares. Sistema sees substantial potential for better efficiency at its Bashkir oils through modernization, which should halt the drop in Bashneft’s production and keep it at least at the current level by modernizing the refineries, abandoning the tolling system (to have full effect next year), and balancing upstream and downstream. This suggests additional purchases of upstream assets, possibly using Bashneft shares as currency. Sistema core shareholder Vladimir Yevtushenkov says he plans to build building the fifth-largest oil company in Russia, which might sound ambitious, but indicates the direction of Sistema’s efforts.
    ” Technology: Sistema’s board of directors is considering converting Sitronics’ debt to the holding into equity, which could result in a 20% decrease in Sitronics’ debt. Sitronics’ USD 230mn debt to VEB, due in November, is likely to be rolled over at a lower rate than the current LIBOR+8.5%. Sitronics has a robust orders pipeline for next year, with the growth driven by IT and microelectronics, and might break even on earnings in 2010E, depending on the debt restructuring terms. The 50/50 JV with Rosnano for a USD 90mn plant would not be consolidated on Sitronics’ accounts, but targets an IRR of 30%, which we would see as an encouraging benchmark. Sistema’s RTI facility (radar) is generating free cash flow, and expects steady growth in state orders including for R&D. Sistema launched its GMP-compliant Binnopharm plant in Zelenograd in October and has already received state orders for medicines, with other state orders coming soon; the plant is expected to break even within in a year after the launch.

    ” Utilities: Bashkirenergo may be spun off from Bashneft and used as a platform for expansion into utilities via acquisitions, with Bashkirenergo shares as currency. Earlier, Yevtushenkov said he plans to create a 25GW company, which suggests a 5X increase in Bashkirenergo’s current capacity.š

    ” Consumer: All consumer assets can service current debt without the holding’s support, although in the longer run Inturist (tourism) might bring in a partner; Sistema also might convert its consumer assets’ debt into equity.

    In our view, the revised strategy calls for a significant upward adjustment to our sum-of-the-parts valuation for Sistema, and we expect other houses to make similar adjustments, which should support the price momentum in the short term. Looking farther out, we remain positive on Sistema, given the potential for substantial value accretion, especially in oils and utilities (not currently quantifiable). We see the progress on restructuring under new management as convincing and believe the blended ROIC target 25% as achievable.

    We rate Sistema as Buy, with a 12M TP of USD 16.8.









    Nadezhda Golubeva, CFA



    Equity Analyst



    Research Department







    UniCredit Group



    CJSC UniCredit Securities




    17 Chistoprudny Blvd.
    , Bldg. 1


    RU-101000, Moscow



    Tel. +7 (495) 777-8834 – Fax +7 (495) 777 8876



    mailto:Nadezhda.Golubeva@unicreditsec.ru



    www.UnicreditSecurities.ru



    www.unicreditmib.eu

  4. #4
    Avatar von Kusoke
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    Sistema is preparing to sell shares of BashTEK to Bashneft for 41.1 bn
    RUR.
    Holders of Sistema have been offered to approve the deals on selling the
    controlling portfolios of Bashkiria FEC, owned by Sistema – Ufaneftehim,
    Novoil, Ufaorgsintez, Ufimskiy refinery and Bashkirnefteproduct – in the sum
    total amount of 41 bn 133 mn 737 thousand RUR to Bashneft, impart the
    materials for the shareholders meeting of Sistema, announced Interfax.

    Quelle: skrin.ru

    Kusoke

  5. #5

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    Bashneft strebt nach Raffinerie/Produktions Gleichgewicht

    Anmerkung:
    Aus dem heutigen Metropol Tagesreport. Metropol ist einer der Broker, die (fett gedruckt) davon ausgehen das die Profitabilität auf der Holdingebene (New Bashneft konsolidiert) anfällt - transfer pricing. Meiner Ansicht nach wäre das eine kaum vertretbare Corporate Governance für eine international gelistete und finanzierte Firma.


    Sistema’s key shareholder hints at new upstream assets for Bashneft. This could be the right move strategically, balancing crude output and refining, but the valuation impact would depend on the pricing.
    BANE RU: UNDER REVIEW | Current Price: USD 14.90
    Vladimir Yevtushenkov, Sistema’s principal shareholder, sees balancing crude production and refining as a priority for the new, vertically integrated Bashneft. He has declined to specify possible acquisition targets, citing confidentiality. Bashneft’s crude output is 40% below the Ufa refineries’ current throughput and its capacity to increase production organically is limited in our view. This leaves Bashneft with a need to add some 120,000bpd of output. To hypothesize, Bashneft could achieve this by acquiring 50% of Russneft (from Bazel) or 50% of Tomskneft (from Rosneft).
    Yevtushenkov has confirmed Bashneft’s plans to squeeze out third-party crude suppliers by the end of 2010 so that Bashneft can capture the full refining margin from its Ufa refineries.
    Yevtushenkov has denied that Sistema has received offers to buy the Ufa assets, despite rumors of Rosneft’s interest. In the longer term, we believe Sistema still does not rule out a sale. Two senior managers recently hired by Sistema, Alexander Korsik and Viktor Khoroshavtsev, were key figures in the sales of Sibneft to Gazprom and Belkamneft to Russneft.
    Our view is that Bashneft is likely to be the profit center for the group and long-term value, if any, should be at the Bashneft level. However, we also suggest looking at preferred shares in Bashneft’s new subsidiaries, as a possible share buyout or swap by Bashneft may narrow preferred stock discounts to common shares.
    Yevtushenko has reiterated plans for a buyout offer to minority shareholders in five Ufa companies. We think that eventually, Bashneft is likely to buy out those stakes, but if it makes an offer in 4Q 09 or 1Q 10, it is unlikely to be attractive to shareholders other than in UFOS.
    Alexei Kokin / +7 (495) 933 3316 /

  6. #6

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    Hallo, weshalb geht Bashneft so ab.

  7. #7

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    Bashneft Q3/2009 mit Kommentar von Metropol & Finam

    Wie schon im letzten Posting angemerkt,legt die gegenwärtige Einschätzung mehrerer Analysten ein "Profitcenter" Bashneft zu grunde.Der Finam - Analyst erläutert unten nochmal das Thema "Transfer -Pricing"

    Bitte sehr:

    Bashneft reported 3Q 09 RAS results, with revenues increasing by 131% q-o-q in USD terms to USD 1.3bn. In our view,
    the main drivers were Bashneft’s shift to selling oil products produced by the Ufa refineries. While oil product sales were
    less than 3% of total 1H 09 revenues, they contributed about two-thirds of 3Q 09 revenues according to our estimates.
    As a result, EBITDA was also up by 91% q-o-q to USD 317mn, while net income was up by 184% q-o-q to USD 196mn.
    We believe that Bashneft should see an even better fourth quarter in terms of revenues and EBITDA thanks to higher
    product margins, and the planned exclusion of third-party suppliers to the Ufa refineries. Within the Ufa group, we believe
    Bashneft will remain the profit center going forward
    .


    Bashneft: oil processing at Ufa-based oil refineries
    11/19/2009 11:06

    As expected, Ufa-based oil refineries have gained little since their managerial control passed over to AFK Sistema. From now on, windfall profits from these refineries will go to Bashneft rather than to the affiliates of their former owners.

    The quarterly report delivered by oil company Bashneft reveals that oil deliveries to Ufa-based oil refineries (Novoil, the Ufa Oil Refinery and Ufaneftekhim) continue unabated through the use of an oil processing scheme. This is happening despite constant assurances by company management that the group of oil refineries and their external suppliers have been gradually abandoning such schemes.

    An oil processing scheme is where an oil supplier pays an oil refinery only for oil processing services and then takes back the finished oil products. In such a scheme, an oil refinery has much lower profits than it would if it purchased oil for resale as readymade oil products. In processing schemes (also known as toll processing), most of the price markup goes to the supplier of crude, while the oil refinery operates with margins close to break-even point.

    Ufa oil refineries are making attempts to gradually abandon oil processing schemes, along with outside suppliers. However, as matters now stand, Bashneft not only supplies the refineries with its own oil using an oil processing scheme, but also buys crude from other companies to additionally load their refining capacity. As a result, Bashneft has reaped a record quarterly profit, while the oil refineries failed even to return profits to pre-crisis levels.

    According to our estimates, this news may have a positive impact on quotes for Bashneft shares, while oil refinery shares, which had until recently rose at about the same pace as Bashneft shares, may lose in value.

    Other comments of the day

  8. #8

    Dabei seit
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    wein..

    ..und ich hab meine Anteile in der Krise zu früh verkauft..

  9. #9

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    Bashneft erwirbt Sistema Invest mit 50% Discount auf Marktpreis

    Sistema Invest wurde im Wege der anfänglichen Aquisition der Bashkir Familie gegründet.
    Bashneft buys 25% of Sistema-Invest from Endeavour Energy Ltd for $202 mln (Part 2)
    MOSCOW. April 12 (Interfax) - Bashneft (RTS: BANE) has completed the purchase of a 25% stake in Sistema-Invest from Endeavour Energy Ltd. for $202 million, Bashneft said in a statement.

    According to Endeavour Energy's website, it is an Australian oil and gas company operating in Asia. AFK Sistema (RTS: AFKS) told Interfax, Sistema-Invest is a subsidiary in which the corporation owns 65%.

    Several years ago, AFK Sistema sold 35% of Sistema-Invest to the Dutch company Schildershoven, with 25% ending up with Endeavour. The fate of the other 10%, Sistema did not say.

    At present, AFK Sistema owns about 50.9% in Bashneft, and another 20.77% through Sistema-Invest.

    Back in December, Bashneft applied for, and received, permission from the Russian Federal Antimonopoly Service (FAS) to consolidate 100% of the Sistema-Invest stock. AFK Sistema applied for permission to consolidate all of the stock in Sistema-Invest, which the FAS approved. An AFK Sistema representative told Interfax the corporation was interested in buying a minority 35% stake in Sistema-Invest.

    Last spring, Sistema completed the acquisition of controlling stakes in Bashkortostan oil companies Bashneft, Ufaneftekhim (RTS: UFNC), Novoil (RTS: NUNZ), Ufaorgsintez (RTS: UFOS), Ufa Oil Refinery (RTS: UNPZ) and Bashkirnefteproduckt.

    The corporation is creating a new vertically integrated oil corporation based on these acquisitions. Bashneft manages BashTEK assets, having purchased them from AFK Sistema for 41.1 billion rubles.

    Jh cf

  10. #10
    Avatar von Kusoke
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    ________________________________________
    Bashneft bought a 25% stake in Sistema-Invest at less than 40% of the market value, according to our estimates. Although a good deal for Bashneft shareholders, it puts 2009 dividends into question.
    BANE RU: BUY | Fair Value: USD 41.50 | Current Price: USD 36.50 | Upside/Downside: 14%
    Bashneft acquired a 25% stake in Sistema-Invest for USD 202mn. Sistema-Invest holds large minority stakes in Bashneft and its five Ufa subsidiaries. These include 25% in Bashneft, 28% in Novoil, 22% in Ufaneftekhim, 26% in the Ufa Refinery, 25% in Ufaorgsintez, and 19% in Bashkirnefteproduct (all held in common stock).
    We think that Bashneft is paying only 37% of the stake’s market value, which we estimate at USD 545mn. Sistema-Invest’s Bashneft stake alone is worth USD 1.6bn at USD 38 per share. Using the prices which Bashneft offered to minority shareholders in its Ufa subsidiaries, we value the rest of Sistema’s assets at USD 607mn.
    The shares Bashneft is buying in Sistema-Invest are reportedly part of the 35% stake that Sistema sold to third-party investors in 2005. It is possible that after this deal is closed, Sistema and Bashneft would end up the only shareholders in Sistema-Invest. The company’s assets could then be split between the two shareholders, in our view.
    Although this acquisition seems to offer good value to Bashneft’s shareholders, it also decreases the chance that the company’s dividend yield will exceed 5%, even for preferred shares.

    (Metropol)

    Kusoke

  11. #11
    Avatar von Kusoke
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     Bashneft’s 1Q 10 output was up 17.5% y-o-y at 275,000bpd, exceeding targets by 4.5%. According to the company, the growth came from bringing idle wells back into operation, wellhead treatment, hydrofracks, and better reservoir management.
     Bashneft has notified Russia’s securities regulator of its planned offer to buy out 49.8% of common stock in Bashkirenergo, the electricity company controlled by four Bashneft subsidiaries. We argue the buyout price is likely to be below the market.

    Kusoke

  12. #12
    Avatar von Kusoke
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    ________________________________________
    Bashneft released audited PRMS oil reserves. The 3P number is close to the Russian ABC1 estimate, so no major suprises in our view. Following the recent stock price growth, we are changing our rating from Buy to Hold.

    BANE RU: HOLD | Fair Value: USD 41.50 | Current Price: USD 40.00 | Upside/Downside: 4%

    Bashneft has reported oil reserves audited by Miller and Lents under PRMS (SPE) standards. This is the first time the company has reported PRMS reserves since 1998.
    Bashneft’s 1P reserves were 1,269mn bbl (182mnt) at YE 09. Bashneft has also reported 2P reserves of 1.60bn bbl (228mnt), and 3P reserves of 2.13bn bbl (300mnt). We note that the sum of proven, probable and possible (3P) reserves is roughly equal to the Russian ABC1 number, the only estimate available to the market previously.
    Based on the 1P number, Bashneft’s reserve life is only 13 years, which is below LUKOIL and Rosneft life of at least 20 years. The company apparently believes that most of the 3P reserves would end up proven and produced, extending the life of the reserves to 20 years.
    There is also potential for a 20%-30% 1P reserves increase during 2010, in our view. The current reserve estimate includes most but not all of Bashneft’s fields. A large number of small fields accounting for 20% of output and 30% of ABC1 reserves are still to be evaluated.
    We have estimated Bashneft’s EV/reserves multiples, adjusting the EV to include the value of minority shareholders in Bashneft’s subsidiaries. We have also estimated Bashneft’s EV/reserves including 49% in Russneft and assuming a 25% increase in Bashneft’s reserves when all fields have been accounted for. We also included an estimate of Bashneft’s share of Russneft’s debt in the EV, even though Bashneft’s IFRS balance sheet does not reflect it.
    Using this adjusted estimate, we conclude that Bashneft seems relatively expensive to other integrated companies and Tatneft on EV/1P and EV/2P. On EV/3P however, Bashneft’s premium is smaller, only 8% to Rosneft for one. As Bashneft has the highest refining cover of its peer group, and virtually all of its reserves are located in areas with well-developed infrastructure (in a contrast to Rosneft), the premium appears justified.
    Our fair value for Bashneft is USD 41.50 per share, leaving no upside from the current levels. We may revise it following the field trip planned for 19th April, and the release of IFRS financials in April. The reserve report seems to have already increased demand for the stock. At the moment however, uncertainty over the way subsidiaries are consolidated remains a key risk.

    (metropol)

    Kusoke

  13. #13

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    Investor presentation news 1

    UFA, Russia, April 20 (Reuters) - Mid-sized oil company Bashneft may join the ranks of Russian firms offering shares to the market to help finance its plans to double production by 2013, the company's owner said on Tuesday.

    Industrial conglomerate Sistema, controlled by billionaire Vladimir Yevtushenkov, said in a presentation it valued its oil arm Bashneft at $6 billion.

    'Sistema does not rule out the possibility of a public share float for Bashneft as one of the ways to fulfil its plans,' Sistema President Leonid Melamed told reporters.

    Russian companies, including fertiliser producer UralChem and agricultural group Rusagro, are planning dozens of initial and secondary share offerings in 2010 as the global economy recovers and investors seek risk again.

    Sistema, whose main asset is top Russian mobile phone operator MTS, paid $2.5 billion for control of Bashneft and five other energy firms in which it already owned blocking stakes of up to 30 percent.

    Bashneft, which owns oilfields and refineries in the Russian republic of Bashkortostan, plans to raise crude oil output by 9.5 percent this year to 13.4 million tonnes, Sistema said.

    Bashneft President Viktor Khoroshavtsev told reporters that production should rise to at least 25 million tonnes by 2013. The company plans to raise annual output at existing assets to 15 million tonnes, while acquisitions will provide the rest.

    Bashneft has applied to Russia's Federal Anti-Monopoly Service for permission to buy up to 49 percent of another mid-sized Russian oil company, Russneft.

    Sistema said dividends from its oil business should be comparable to those from its telecommunications business by 2013.


    GROWING RESERVES

    Bashneft is among a collection of mid-sized oil producers in Russia, which for the last seven months has been the only country pumping more than 10 million barrels per day of crude.

    The company, which needs more crude to feed its refineries in Bashkortostan, is in pricing talks with major suppliers TNK-BP, LUKOIL and Royal Dutch Shell , Khoroshavtsev said.

    Bashneft's president told Reuters the company was interested in participating in an auction for the Trebs and Titov oil and gas fields in the Nenets autonomous region of northwest Russia.

    Natural Resources Minister Yuri Trutnev said on Friday that Russia would demand a starting price of around $500 million when it auctions the fields, which have estimated reserves in excess of 200 million tonnes.

    Khoroshavtsev said Bashneft, which has sufficient proven crude reserves to maintain current output for more than 20 years, would present new data on reserves in two to three weeks.

    Bashneft last week released the results of its first independent audit in 12 years, carried out by U.S.-based oil and gas consultants Miller and Lents under Petroleum Resources Management System (PRMS).

    It found proven reserves of 1.27 billion barrels and total proven, probable and possible reserves of 2.13 billion barrels.

    By comparison, Russia's largest oil firm, Rosneft, has proven reserves under the PRMS methodology of 22.858 billion barrels of oil equivalent..

    Sistema said in the presentation that its oil units recorded a net profit of $307 million under U.S. Generally Accepted Accounting Principles (GAAP) in the last three quarters of 2009, the period after which Sistema took control of the assets.

    Revenues for the same nine months of 2009 were $5.7 billion.

    Bashneft's total debt at the end of 2009 was 51.4 billion roubles.

    (Writing by Robin Paxton; Editing by Dmitry Sergeyev and Michael Shields)

    ($1=29.14 Rouble)

  14. #14

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    Investor presentation news 2

    Ich habe die für Raffineriemiteigentümer relevante Stelle mal hervorgehoben.Wurde offensichtlich aus dem russischen übersetzt.Was immer es auch bedeuten möge...


    AFK Sistema not ruling out Bashneft IPO (Part 2)
    UFA. April 20 - AFK Sistema (RTS: AFKS) is not excluding the possibility of an IPO for Bashneft (RTS: BANE) as an means of implementing company strategy, according to a presentation to reporters in Ufa.

    Sistema does not have any firm plans for an IPO yet, but it is one way the company could increase its value, company President Leonid Melamed said.

    Asked if the Bashneft shares Bashneft itself holds via Sistema Invest would be used for merger and acquisition deals, Melamed left the possibility open.

    The company's implementation starting January 1 of an incentive program for management, which is linked to income made on rising share value, operates "via phantom instruments," he said.

    As to the streamlining of Bashneft property structure, Melamed said that the company can begin this only after wrapping up the mandatory buyback of shares from Bashkortostan company minority shareholders. Bashkortstan-based fuel and energy companies (BashTEK) may keep them, and the company has nothing against that, he said.
    The matter of buying up the remaining 10% in Sistema Invest is being looked at, but the company so far is not prepared to announce any outcome, he said. He would not comment on whether the future might produce a single BashTEK stock.
    One of Bashneft's biggest minority shareholders, Prosperity Capital Management, has proposed no candidates for the board of directors, and the time for doing so has expired, Melamed said.

  15. #15

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    Kommentar von Metropol zur gestrigen Investor Presentation in Ufa

    Bislang war Alexej Kokin von Metropol einer der ersten und konsequentesten Analysten in der Auffassung,daß innerhalb des neuen Bashneft Konzerns,die Raffinerien (UFNC,NUNZ,UNPZ,UFOS) lediglich als Kostenstelle geführt werden;jeglicher Gewinn sollte bei der Mutter (Bashneft,BANE)landen.

    Sistema remains uncertain about consolidating subsidiaries, but claims that the Ufa refineries are run as if independent. The outlook for refinery dividends improves.
    BANE RU: HOLD | Fair Value: USD 41.50 | Current Price: USD 45.75 | Upside/Downside: -9%
    In an apparent reversal of earlier plans, Sistema CEO Leonid Melamed has said Bashneft may not seek to acquire 100% of its subsidiaries’ charter capital. Sistema’s priority, according to Melamed, is maximizing the value of its Bashneft stake and other Ufa holdings, which may not require 100% consolidation of Bashneft subsidiaries.
    At the same time, Sistema’s management has indicated that Bashneft is running the Ufa refineries as if they were independent, not as cost centers. We also note that, according to Sistema’s management, Sistema would like to avoid the transfer of value from the refineries to Bashneft and vice versa. We plan to check this as soon as 4Q 09 and 1Q 10 RAS accounts for the Ufa refineries become available. However if true, this could greatly improve the outlook for dividends from both the refineries for 2009. We plan to assign new ratings to the refineries shortly.
    Alexei Kokin / +7 (495) 933 3316 ext. 1417 /

  16. #16
    Premium-Mitglied Avatar von Hasi
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    Das sind ja nicht gerade erfreuliche Töne, Christian. Könnte es aber nicht sein, dass die Analysten zu schwarz sehen? Meine UNPZP haben sich seit dem CrashKauf bereits ver 4 1/2 facht, und die Kurse sind noch immer auf dem Weg nach Norden

  17. #17

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    Hey Hasi,


    Das sind sogar ausgesprochen erfreuliche Töne (zumindest für Dich).
    Ich hatte ja in meiner letzten Mail an Dich zu dem Thema schon mal angemerkt,daß ich möglicherweise total daneben gelegen habe,mit meiner Hoffnung auf erstklassige Corporate Governance im Hause Sistema,die zu vollen Raffineriemargen und hohen Cash Flows in den Raffinerien hätte führen sollen.
    Ich hätte (und habe) im letzen Sommer/Herbst "die Farm darauf gewettet" daß den goldenen Gänsen der russischen Ölindustrie (namentlich UFNC,NUNZ,UNPZ) das Geld aus der Haustür fließen müßte.Bei Bruttomargen von ca. 150$/to verarbeitetem Öl un einer Verarbeitungskapazität von durchschnittlich 7mn to/Jahr führt der einfache Dreisatz zu Schluckbeschwerden.(keine Raffinerie kostet derzeit mehr als 1mrd$).

    Dann aber kamen die ersten enttäuschenden Quartalsergebnisse nach der Übernahme und die Vermutung,daß das ehemaligen Transfer-Pricing unabhängiger Öllieferanten nun lediglich zu Gunsten von Bashneft getauscht wurde.
    Kurzum:
    Bashneft liefert das Öl,verkauft anschließend die fertigen Raffinate auf eigene Rechnung und den Raffinerien bleibt lediglich ein Hungerlohn für die Verarbeitung,die ja eigentlich den größten Teil der Wertschöpfung darstellt.(in Rußland nicht unüblich)
    Sämtliche Analystenhäuser haben daraufhin Ihre Einschätzung auf Bashneft als Profitcenter und die Töchter als Kostenstelle ausgerichtet - bis eben gestern Nachmittag.
    Auf der Konferenz hat sich das die Management wohl unerwartet liberal den Raffinerien und Ihren Minderheitsaktionären gegenüber geäußert(Hasi,Christian und ein paar unbedeutende Fonds wie Vostok Nafta u.A. ;) ) ,was immerhin heute morgen schon bei Metropol positiv vermerkt wurde.
    Alle anderen Brokerhäuser (bis auf Troika) haben die Konfernz offensichtlich als weiteres Nonevent abgehakt.

    Wie geht´s weiter?
    Die Quartalszahlen 4Q09 und 1Q10 werden sicher noch mal ziemlich schlecht ausfallen,damit Bashneft im Rahmen des Auskaufangebotes an die Minderheitsaktionäre (läuft bis Mitte Mai) noch günstig zu weiteren Anteilen kommt.
    Auf dem Conference Call von Sistema (Ende April) wird aber das Thema Bashneft wieder auf den Tisch kommen.

    Es bleibt spannend...

    Gruß,
    Christian

  18. #18
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    das Gerangel geht weiter

    Metropol________________________________________
    Following a visit to Bashneft, we plan to revise our fair value based on new capex and output plans. The Ufa refineries appear to be run as profit centers, and we should assign them new fair values shortly.
    We met with the management of Bashneft and of Sistema’s oil intersts in Ufa on 20-21 April 2010. We also visited Bashneft’s production sites, its three refineries, and petrochemical plant. Following the meetings, we plan to revise our fair value for Bashneft based on the company’s new guidance for oil output and capex.
    Based on the management’s explanations, we think Bashneft should be able to further increase oil output by 2%-5% from current levels and maintain the new level for at least three years. We argue that this would be achieved by better reservoir management and well treatments, including hydrofracs, rather than massive drilling. Once this is included in our model, we would expect a moderate increase in the fair value.
    It also appears that Bashneft has no clear policy regarding the buyout of minorities in the subsidiaries. However, according to Alexander Korsik, the head of Sistema’s oil operations, Bashneft aims to avoid value transfers both into and out of the Ufa refineries. They are being run as if they were independent and were able to buy crude and sell oil products independently. Bashneft does charge them, however, for its services in procuring the crude and marketing the products.
    Based on this stated policy towards the refineries, we plan to reassign fair values and ratings to NUNZ, UFNC, and UNPZ.
    No clarification was given on the issue of Bashneft and subsidiary dividends, but if the latter became profit centers in 2H 09, it would be reasonable to expect dividend distributions in 2010.

  19. #19
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    ________________________________________
    Following a visit to Bashneft, we plan to revise our fair value based on new capex and output plans. The Ufa refineries appear to be run as profit centers, and we should assign them new fair values shortly.

    BANE RU: HOLD | Fair Value: USD 41.50 | Current Price: USD 44.00 | Upside/Downside: -6%

    We met with the management of Bashneft and of Sistema’s oil intersts in Ufa on 20-21 April 2010. We also visited Bashneft’s production sites, its three refineries, and petrochemical plant. Following the meetings, we plan to revise our fair value for Bashneft based on the company’s new guidance for oil output and capex.
    Based on the management’s explanations, we think Bashneft should be able to further increase oil output by 2%-5% from current levels and maintain the new level for at least three years. We argue that this would be achieved by better reservoir management and well treatments, including hydrofracs, rather than massive drilling. Once this is included in our model, we would expect a moderate increase in the fair value.
    It also appears that Bashneft has no clear policy regarding the buyout of minorities in the subsidiaries. However, according to Alexander Korsik, the head of Sistema’s oil operations, Bashneft aims to avoid value transfers both into and out of the Ufa refineries. They are being run as if they were independent and were able to buy crude and sell oil products independently. Bashneft does charge them, however, for its services in procuring the crude and marketing the products.
    Based on this stated policy towards the refineries, we plan to reassign fair values and ratings to NUNZ, UFNC, and UNPZ.
    No clarification was given on the issue of Bashneft and subsidiary dividends, but if the latter became profit centers in 2H 09, it would be reasonable to expect dividend distributions in 2010.
    (metropol)

    Kusoke

  20. #20
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  21. #21

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    Kit Finance zu Bashneft und Raffinerien

    Ein weiterer Reasearch ,der die Hintergründe ,der recht niedrigen Profitabilität der Raffinerien recht anschaulich erläutert,aber immerhin darauf hinweist,daß im Gegensatz zu den gegenwärtigen Zahlen,der Löwenteil des Gewinns,aus dem Downstream Geschäft kommt (Prognose 2010).

    http://subscribe.web-invest.ru/?f=4531

  22. #22

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    FY2009 /1Q2010 results

    Offensichtlich geht der Beschiß der Minderheitsaktionäre in den Raffinerien weiter,die zugunsten Bashnefts auf Gewinn verzichten müssen.
    Corporate Governance nach Sistema Art:


    MOSCOW. May 14

    - Most of the Sistema (RTS: AFKS) holding's fuel and energy companies based in Bashkortostan reduced net profit to Russian Accounting Standards (RAS) in 2009, however results improved vastly in Q1 2010.

    Oil producer Bashneft (RTS: BANE), which manages the assets that Sistema acquired last year, boosted earnings almost 50% from 2008 to 16.2 billion rubles, the company's report says.

    Sales revenue rose more than 14% to 139.135 billion rubles, gross profit fell 15% to 44.157 billion rubles and pretax profit grew 27% to 20.333 billion rubles.

    In the first quarter of this year, Bashneft's net profits surged 8-fold year-on-year to 7.366 billion rubles, revenue quintupled to 72.14 billion rubles, gross profit rose 8.5-fold to 26.368 billion rubles and pretax profit was up 7.6-fold to 9.272 billion rubles.

    Results in Q1 rose due to external factors like a higher price for Urals crude, which went up from $43.27 a barrel in Q1 2009 to $74.95 in Q1 2010. Also, the dollar's exchange rate fell to 29.9 rubles from 33.99 rubles.

    However average oil export duty rose to $263.77 in Q1 2010 from $111.8 in Q1 2009, and natural resource extraction tax (NRET) for oil rose to 2,877 rubles from 1,543 rubles a tonne.

    Other members of Sistema's Bashkortostan fuel and energy cluster did not fare so well in 2009.

    Ufaneftekhim's (RTS: UFNC) net profit halved to 2.594 billion rubles. Sales revenue went down by 28% to 15.408 billion rubles while production costs went up by 3.7% to 11.01 billion rubles. As a result, gross profit went down by 60% and pretax profit decreased by 56% to 3.477 billion rubles.

    Net profit grew 25% year-on-year in Q1 2010 to 365.8 million rubles, revenue grew 1.1% to 3.443 billion rubles, cost of sales - 1.1% to 2.84 billion rubles, gross profit - 1.4% to 603 million rubles, operating profit - 1.4% to 602.8 million rubles and pretax profit - 3.8% to 466.4 million rubles.

    Novoil (RTS: NUNZ) said earnings fell 44% in 2009 915.376 million rubles, revenue fell 32% to 9.938 billion rubles, gross profit fell 75% to 1.454 billion rubles and pretax profit halved to 1.529 billion rubles.

    Q1 2010 earnings at Novoil soared 72-fold year-on-year to 288.275 million rubles, revenue fell 1.5% to 2.276 billion rubles and the company saw gross profit of 329.135 million rubles, compared with losses of 117.308 million rubles a year previously.

    Ufa Oil refinery (RTS: UNPZ) reduced net profit 30% in 2009 to 1.934 billion rubles. Revenue was down 32% to 9.913 billion rubles, cost of sales fell slightly, to 7.392 billion rubles, gross profit fell almost two-thirds to 2.521 billion rubles and pretax profit almost halved to 2.574 billion rubles.

    Bashkirnefteproduct's earnings fell 31% in 2009 to 1.267 billion rubles. Revenue fell 5% to 20.204 billion rubles on lower petroleum product prices and sales volume, gross profit rose 14% to 7.272 billion rubles and operating profit fell 36% to 1.784 billion rubles.

    Q1 2010 net profit fell 7% to 399.94 million rubles, revenue grew 48% to 5.583 billion rubles, gross profit fell 36% to 2.396 billion rubles and operating profit fell 26% to 466.375 million rubles.

    Ufaorgsintez (RTS: UFOS) raised net profit 60% in 2009 to 680.9 million rubles. Revenue fell 4% to 7.466 billion rubles, cost of sales 6% to 6.4 billion rubles, gross profit - 9% to 1.078 billion rubles, operating profit - 18.8% to 1.019 billion rubles and pretax profit - 40% to 907.9 million rubles.

    Net profit soared 115-fold year-on-year in Q1 2010 to 252.3 million rubles, revenue grew 34% to 2.023 billion rubles, cost of sales - 16% to 1.706 billion rubles, gross profit - 8.8-fold to 315.9 million rubles, operating profit - 23-fold to 309.6 million rubles and pretax profit - 60-fold to 317.9 million rubles.

  23. #23
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    RussNeft/Bashneft merger premature, AFK Sistema says

    UFA, May 20 (Itar-Tass) -- A merger of RussNeft and Bashneft oil companies is premature, AFK Sistema spokesman Vsevolod Sementsov said on Wednesday.

    He told Itar-Tass it was the only comment that could be made on RussNeft founder and co-owner Mikhail Gutseriyevs interview with one of the Russian newspapers.

    Bashneft spokesman Artem Valiyev said a merger with RussNeft was the prerogative of AFK Sistema as the principal shareholder.

    “This is not a correct question for us,” Valiyev said.

    Gutseriyev said his company might merge with Bashneft in the next two to three years.

    “I believe that RussNeft will merge with Bashnet in the next 2-3 years to form one big company producing 30 million tonnes of oil a year and having one billion tonnes of oil in reserves,” Gutseriyev said.

    “In the future, we will consider an IPO for the new company,” the businessman said in an interview published by the business daily Vedomosti on Wednesday.

    “We are now eyeing foreign and Russian oil and gas assets. The first deal may be made in a week’s time, and in the next three to four months RussNeft will acquire several other small companies. We will work to increase capitalisation, reduce the debt, and cut costs, but this will not affect the salaries of personnel,” Gutseriyev said.

    He described the current situation as “very complex”.

    “Production has dropped from 14.8 million tonnes to 11.2 million tonnes, debts have grown from two billion to seven billion U.S. dollars. The company can only service its own debt today. We need fresh solutions and ideas,” he said.

    “We have started refinancing the debt and extended the repayment of the Sberbank loan of 14.7 billion roubles to pay if off by 2015. RussNeft will increase production by one million tonnes this year using only its own resources, but production will grow to 15 million tonnes by the end of next year,” the businessman said.

    “I plan to increase production to 20 million tonnes within the ext several years and bring the profit to 1.5 billion U.S. dollars,” Gutseriyev said.

    Gutseriyev, who stayed abroad for a long time, arrived in Russian in early May after he had been cleared of criminal charges for illegal entrepreneurship in late April. Prior to that, he had been cleared of tax evasion charges, and the order on his arrest in absentia had been dropped.

    The criminal charges for illegal entrepreneurship were brought against Gutseriyev and three other RussNeft top managers in May 2007. Prior to that he had been accused of large-scale tax evasion. In July 2007, Gutseriyev was summoned to an investigator, but he never showed up. Soon after that, he was put on an international wanted list. Later, the court issued a warrant for his arrest in absentia. At the end of July, the RussNeft Board accepted Gutseriyev’s voluntary resignation from the post of the company’s president.

    In November 2009, Gutseriyev was removed from the list of persons Russia wanted through Interpol in connection with the information provided by those who had initiated the search.

    RussNeft is among the top ten oil companies in Russia. It comprises 21 producing enterprises, 2 oil refineries and its own distribution system of filling stations located in 14 regions of Russia and CIS. RussNeft runs operations in the Khanty-Mansi Autonomous Area, Yamalo-Neents Autonomous Area, the Tomsk region, the Ulyanovsk region, the Penza region, the Volgograd region, the Bryansk region, the Saratov region, the Kirov region, the Orenburg region, the Krasnodar Territory, the Republic of Udmurtia, and Belarus. The company is headquartered in Moscow.

    The company is developing more than 170 oil and gas fields. The company produces 14.2 million tonnes of oil. The company employs 20,000 people.

    Bashneft is a Russia-based company active within the oil and gas industry. Its principal activities include the extraction, exploration and production of crude oil. The company sells its products on the domestic market, and exports them to such countries as Ukraine, Poland, the Czech Republic, Hungary, Kazakhstan, and Western Europe. It operates 161 oil and gas deposits. Bashneft manages its activities through four branches and one representative office located in Moscow. In addition, the company has 10 subsidiaries, of which six are wholly owned, and two are affiliated companies.

    Bashneft is one of the largest producers of oil products in Russia. The company’s annual oil production stands at 16 million tonnes. Bashneft owns three oil refineries located in Ufa with a combined capacity of 130.000 cubic metres a day and 100 petrol stations. The Russian holding Sistema bought a controlling stake in Bashneft in March 2009 for 2.5 billion U.S. dollars.

    Bashneft employs more than 21,500 people. Its principal shareholder is AFK Sistema.

  24. #24
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    Bashneft Plans Spin-Off
    24 September 2010
    Sistema said Thursday that its midsized oil company Bashneft was looking to spin off its oil field services and drilling divisions.

    “Drilling operations and services are always more effective when you contract them out to an independent service company,” said senior vice president Alexander Korsik.

    Korsik said the company was in discussions about the sale with Western service companies including Baker Hughes, Schlumberger and Halliburton. 

    (Reuters)

  25. #25
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    Hab letzte Woche schon davon gehört. Da die Ausrüstung aber veraltet sein soll, wird sich kaum ein hoher Preis erzielen lassen. Ergo: keine Auswirkungen auf Bewertung

    Kusoke

  26. #26
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    Bashneft is the best, while LUKOIL may dissapoint

    IFC Metropol Senior Analyst Alexander Nazarov / +7 916 615 51 39

    Bashneft’s output in September again outpaced the total Russian output m-o-m, with a 15% y-o-y increase possible for 2010, while LUKOIL’s Russian oil output may disappoint

    CDU TEK has published preliminary oil production data for September 2010. Total Russian oil production in September was up 1.6% y-o-y, but down 2.2% m-o-m, as September was 1 day shorter than August.
    In m-o-m terms, majority of Russian oil majors showed about 3% decline. Rosneft’s, Surgutneftegas, Tatneft, Slavneft and Russneft output decreased by about 3% m-o-m.
    Bashneft’s output grew again, down by just 2% m-o-m and increased by 17% y-o-y, pointing to likely 15% annual growth for the whole 2010. Notable, TNK-BP has also outpaced total Russian output, with a 2.7% m-o-m decline and 2% y-o-y growth.
    LUKOIL’s output declined by 4.3% m-o-m% and 2.6% y-o-y. Moreover, we note that judging by daily production data, LUKOIL’s daily output at the end of August was 2.5% higher than at the end of September. We hope for LUKOIL’s Caspian projects to help output to bottom out in September, but note that the worrying production data may be a negative factor for LUKOIL in 4Q 10.
    Figure 1. Russian oil output in September 2010
    Mnbpd m-o-m y-o-y
    Total Russia 10.16 -2.2% 1.6%
    Rosneft 2.28 -2.9% -5.3%
    LUKOIL 1.79 -4.3% -2.6%
    TNK-BP 1.46 -2.7% 2.0%
    Surgutneftegaz 1.20 -3.0% 0.6%
    Gazprom Neft 0.60 -3.4% -1.0%
    Tatneft 0.53 -3.1% 0.0%
    Slavneft 0.37 -3.0% -3.7%
    Bashneft 0.29 -2.0% 17.2%
    Gazprom 0.27 -3.4% 8.7%
    Russneft 0.26 -3.0% 3.6%
    Source: CDU TEK, IFC Metropol estimates

    (Metropol)

    Kusoke

  27. #27
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    Wieder eine schöne Dividende aus Rußland!

    über die Geschäfte der Gesellschaft.

    1. Board of Directors beschlossen, 17 Dezember 2010 einberufen Sondersitzung der Aktionäre in Form der Briefwahl an der Tagesordnung: "Auf die Zahlung von Dividenden auf Aktien der Baschneft über die Ergebnisse der neun Monate des Geschäftsjahres 2010.
    In diesem Zusammenhang beschloss der Vorstand:
    • Empfehlen Sie diese Montage:
    - Jahresüberschuss der Gesellschaft in Höhe von 21400791065 Rubel. 50 Kopeken. (Twenty-eine Milliarde 400791000 and sixty Rubel fünfzig Kopeken) Dividenden auf Aktien der Baschneft über die Ergebnisse der neun Monate des Geschäftsjahres 2010 zu verteilen.
    - Zahlung von Dividenden auf Stammaktien für die ersten neun Monate des Geschäftsjahres 2010 von $ 104 USD. 50 Kopeken. (Hundert und vier Rubel und fünfzig Cent) je Stammaktie der Gesellschaft in bar spätestens 31. März 2011.
    - Zahlung von Dividenden auf Vorzugsaktien der Gesellschaft in den ersten neun Monaten des Geschäftsjahres 2010 von $ 104 USD. 50 Kopeken. (Hundert und vier Rubel und fünfzig Cent) je Vorzugsaktie der Gesellschaft in bar spätestens 31. März 2011.


    Das Übersetzungsprogramm bringt hier etwas durcheinander. Gezahlt wird 104,50 Rubel pro Originalaktie. Das wären annähernd 2,5 Euro.
    Oder 12 Euro pro ADR.
    Was so etwa 8% Dividende vor Steuern und "Gebühren" sein dürften.

    http://www.bashneft.ru/press_centr/

  28. #28
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    Bashneft reported neutral 3Q 10 IFRS results. Some details on the company’s Titov-Trebs fields development plans may be disclosed in 1H 11.

    BANE RU: HOLD | Fair Value: USD 41.50 | Current Price: USD 42.70 | Upside/Downside: -3%

    Bashneft reported neutral 3Q 10 IFRS results.
    Revenues
    Revenues were up 5% q-o-q at USD 3,506mn, 4% higher than our estimate, mainly on the back of higher than we
    expected export products sales.
    OIBDA
    OIBDA was down by 2% at USD 680mn, in line with our forecast, but about 1% lower than consensus. The main reason
    for OIBDA decrease is 18% q-o-q increase in production and operating expense to USD 755mn, mainly on the back of
    seasonable increase of Bashkirenergo expenses.
    Net Income
    Net income was down 26% q-o-q, below both our estimates and market consensus. The main reason for the decrease
    was a 66% q-o-q jump in financial expenses. Bashneft has significantly increased its debt in 3Q 10 from USD 1.6bn up to
    USD 3.7bn. Net debt increased from USD 1.6bn to USD 1.8bn and the increase in debt has likely increased interest
    expenses.
    CAPEX
    CAPEX was up 117% q-o-q at USD 117mn, but such an increase was due to an abnormally low CAPEX spending in 2Q
    10. Although cash flow statement was not provided, we estimate Bashneft still was able to generate significant free cash
    flow of at least USD 300mn.
    Outlook
    At the conference call Bashneft said that in 2010 the company may produce 14 mnt. of crude oil, more than previously
    planned 13.4 mnt, due to organic growth, with 2011 production growing up to 14.5 mnt. After reaching 15mnt per year, the
    company plans to sustain this level for 4-5 years.
    In 2011 the company also plans to sell 15% of refined products through Bashneft retail system.
    The company also plans CAPEX of RUB 8-8.5bn for 2010 and doesn’t plan increasing it further for the next 2-3 years in
    case the existing tax system remains unchanged. Therefore, the growth in production will not be accompanied by a
    CAPEX increase.
    According to the management, in 2011 the company may pay up to RUB 5bn in excise tax hike on gasoline and diesel.
    This could be partially compensated by a decrease in energy costs. We also think that this excise costs may be partailly
    transfered to end-customers. In case RUB 5bn will be fully expensed by Bashneft, we estimate it may decrease our 2011
    estimated EBITDA by about 5%.
    The company didn’t disclose any information on Trebs-Titov deposits and pointed out that some details may be
    forthcoming in 1H 11.

    Quelle: metropol

    Kusoke

  29. #29
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    Baschneft erhält Förderlizenz für Ölfelder Trebs und Titow

    Die russische Regierung hat dem Ölkonzern Baschneft die Förderlizenz für die Felder Trebs und Titow im Autonomen Bezirk der Jamal-Nenzen (Westsibirien) erteilt.

    Das teilte das Kabinett am Dienstag auf seiner Internetseite mit. Bei der Auktion vom 2. Dezember vergangenen Jahres war Baschneft der einzige Bieter für die beiden Felder gewesen. Der zweite Wettberwerbsteilnehmer - der Konzern Surgutneftegaz - hatte die Bietungsgarantie nicht überwiesen und kein Projekt vorgelegt.

    Die Felder Trebs und Titow liegen im Timan-Petschora-Becken im Norden Russlands und weisen Reserven von geschätzt 78,9 Millionen bzw. 63,4 Millionen Tonnen Öl auf.

    Ihre Teilnahme an der Ausschreibung hatten im Vorjahr auch LUKoil, TNK-BP und Gazprom-Öltochter Gazprom Neft bekräftigt. Mitbieten wollte auch Nord Imperial, Tochter des zum indischen Energiekonzern ONGC gehörenden Unternehmens Imperial Energy. Die Wettbewerbskommission ließ aber nur Baschneft und Surgutneftegaz zu.

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    "...und die russische Bashneft eröffnet in Zürich einen Handelsableger"

    Genf überholt London im Ölhandel

    Die Rhonestadt entwickelt sich zum Mekka der Ölhändler. Allein seit Herbst sind drei Player zugezogen – neu kommt Russlands grösste Ölfirma Rosneft dazu. Und die russische Bashneft eröffnet in Zürich einen Handelsableger.


    Bisher hat Russlands staatliche Ölgesellschaft Rosneft ihre Ware in Moskau gehandelt. Jetzt will Rosneft, die nicht zuletzt dank der vom Kreml orchestrierten Übernahme der Aktiven von Jukos 2007 zur grössten Ölfirma des Landes aufgestiegen ist, international eine grössere Rolle spielen und hat in Genf die Handelsfirma Rosneft Trading gegründet. Deren Büros an der Rue du Rhône sind in Gehdistanz zu Konkurrenten wie Trafigura, Gunvor, Lukoil oder Mercuria. Bei Gunvor gibt es hartnäckige Gerüchte, dass Wladimir Putin über Strohmänner eine grosse Beteiligung hält.

    ganzen Artikel lesen:

    http://bazonline.ch/wirtschaft/unter...story/18613650

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    Bashneftgewinn steigt

    Bashneft Joint Stock Oil Company Announces Financial Results for the First Quarter Ended March 31, 2011
    06/8/2011

    Bashneft Joint Stock Oil Company announced financial results for the quarter ended March 31, 2011. For the quarter, the company's net profit increased 52.9% on the year to $370 million, as calculated under International Financial Reporting Standards. The company's revenue was up 42.0% on the year to $4.135 billion in January-March, and EBITDA, or earnings before interest, taxes, depreciation, and amortization, rose 39.4% on the year to $856 million in this period. The adjusted net debt as on the quarter ended March 31, 2011 amounted to $2.699 billion, up 17.9% on the year. The company's capital expenditures came to $174 million, up 200% year-on-year. Capex for exploration and production went up by almost 400% to $95 million while expenditures for refining increased by almost 200% to $50 million.


    uelle:
    http://investing.businessweek.com/bu...ticker=BANE:RU

  32. #32
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    Metropol zu Bashneft

  33. #33
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    Bashneftpräsentation Q1 2012 mit einigen Graphiken

    http://www.bashneft.com/files/iblock...esults_ENG.pdf

    Sieht alles relativ stabil und rosig aus.

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