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Rosneft reaches settlement with Sistema over Bashneft reorganization

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Rosneft reaches settlement with Sistema over Bashneft reorganization

Russia's PJSC Rosneft Oil Co. and oil producer Bashneft approved an out-of-court settlement with Sistema PJSFC and Sistema-Invest, according to a Dec. 22 press release.

The case concerns the compensation of damages from Bashneft's reorganization, under which Sistema will pay 100 billion Russian rubles, to be raised with help from the Russian Direct Investment Fund and PAO Sberbank of Russia. Payments will be made by March 30, 2018.

Alexander Vengranovich, an analyst for brokerage firm Otkritie Capital, estimated that Sistema might have to use bank loans or asset sales for the settlement and would have to raise about 85 billion rubles, Reuters reported separately.

The settlement is subject to approval from the Bashkortostan Republic Arbitration court, Rosneft noted.

As of Dec. 22, US$1 was equivalent to 58.35 Russian rubles.