Bashneft to sell oil to Star Oil for $2.7 billion in 2012

The Bashneft Company, one of the largest petroleum companies of Russia, has signed a deal on sales of oil to Star Oil (UAE) for $2.717 billion in 2012, RIA Novosti reports.

The document will be in force until December 30, 2012. Mutual payments will continue until January 31, 2013. Bashneft authorities approved the deal on December 23.

Bashneft is the chief enterprise of the fuel and energy complex of Bashkortostan. The company extracts oil in Bashkortostan, Western Siberia and the Orenburg Region. Oil is consumed by the domestic market and exports.

JFC Sistema owns 73% of shares of Bashneft and five other enterprises of the fuel and energy complex of Bashkortostan. Bashneft was authorized to manage the fuel and energy complex of Bashkortostan with 65.78% of shares of Ufaneftekhim, 87.23% of Novoyl, 73.02% of Ufaorgsintez, 78.49% of the refinery in Ufa and 73.33% of Baskirnefteprodukt in 2009.