FAS expects “Rosneft” to execute an injunction to sell some of its fuelling stations

FAS informed “Rosneft” to organize competitive bidding to sell fuelling stations in Kurgan, Ulyanovsk, Smolensk, Samara, Saratov and Chelyabinsk regions as well as the Republic of Bashkortostan.

The recruitment is specified in FAS injunction issued upon “Rosneft” acquiring of the voting shares of “Bashneft” PJSC.  The injunction specifies that the company must hold competitive bidding to sell fuelling stations in a number of regions to adjust the overall shares of sales revenue for motor petrol and diesel fuel to the level not exceeding 50%. The total share of sales revenue for motor petrol and diesel fuel of the group of persons of “Rosneft” PJSC and the group of persons of “Bashneft” PJSC can be kept at the share of “Rosneft” PJSC, existing at the time of concluding the transactions regardless of its size.

“FAS is analyzing to what extent the injunction is executed and what measure the oil company will propose to execute it to the full. FAS expects “Rosneft” to present options for executing the injunction to sell some of its fueling stations”, emphasized Head of FAS Department for Regulating Fuel-and-Energy Complex, Dmitry Makhonin.

Reference:

Under Clause 6 of the injunction, within two years after receiving information from FAS about the regions of the Russian federation where following the transaction the total share of retail trade of motor petrol and diesel fuel of the group of persons of “Rosneft” PJSC and the group of persons of “Bashneft” PJSC exceeded 50%,“Rosneft” PJSC вshould organize competitive bidding in those regions to sell fuelling stations (each fuelling station as a separate lot) to adjust the total share  of  retail sale of motor petrol and diesel fuel to the level not exceeding 50%. The total share of retail trade with motor petrol and diesel fuel of the group of persons of “Rosneft” PJSC and the group of persons of “Bashneft” PJSC may be kept at the size of the share of “Rosneft” PJSC at the time of concluding the petitioned transactions, regardless of its size.

If at the end of the period specified in Paragraph 1 Clause 6 of the injunction, the fuelling station are not sold through competitive bidding in full due to absence of interests form the buyers (absence of bids) and the total share of retail sales turnover of motor petrol and diesel fuel of the group of persons of “Rosneft” PJSC and the group of persons of “Bashneft” PJSC still exceeds 50% in the regions of joint presence, competitive bidding should be organized to transfer fuelling stations for lease to third persons.

FAS must be notified about performing actions specified in Paragraphs 1 and 2 Clause 6 of the injunction no later than 10 calendar days.