Russian oil giant Rosneft has applied to the anti-monopoly body of Russia for permission to acquire up to 100% of mid-sized oil producer Bashneft. Earlier in October 2016, Rosneft acquired a 50.08% stake in Bashneft for Rub 330bn (US$5.2bn). The region of Bashkortostan owns about 25% of the company, while around 4% are treasury shares and the remaining 21% are freely tradeable shares.
Bashneft produces around 400,000 bbl/d of crude oil in Russia, accounting for approximately 4% of domestic output, and operates three refineries in the Bashkortostan region.
Russia also plans privatize Rosneft by the end of 2016, by selling a 19.5% stake in the company. Rosneft is Russia's largest oil producing company with 40% of the domestic output and is estimated to worth US$11bn. Several Asian group have shown interest including China National Petroleum Corporation (CNPC), Japanese and Indian companies.