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Bashneft established JV with Petrochemical Holding GmbH

September 14/2011

(RussianOilCompanies) -- Bashneft board of directors discussed establishing a joint venture, United Petrochemical Company, with the Austrian Petrochemical Holding GmbH. It will be a project company, set up to research and analyze the current situation and investment attractiveness of Russian petrochemical industry and to work out plans and proposals for the development of this sphere at Bashneft.

The parties will contribute to the EUR 10 mln share capital of the new company proportionately to their shareholdings: Bashneft Ц 75% and Petrochemical Holding GmbH Ц 25%.

The establishment of this joint venture is a legal consolidation of Bashneft and Petrochemical Holding cooperative intentions. Petrochemical Holding GmbH is headed by Yakov Goldovsky, who has considerable experience of working in petrochemical sphere.

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