JSOC Bashneft has completed the acquisition of a 100% stake in LLC Promenergoresurs, which owns five filling stations operating under the Red Oil brand name and seven land plots located in Magnitogorsk, a large industrial city in the Chelyabinsk Region

LLC Promenergoresurs is a leading operator on the retail motor fuel market in Magnitogorsk, operating approximately 7% of all filling stations in the city.

'Entering the market of the second largest city in the Chelyabinsk Region is an important step in the expansion of the Company’s retail network, given the geographical proximity of our refineries in Ufa to the region,' commented Dmitry Panyukov, Bashneft’s Vice President for Regional Sales. 'Efficient logistics of petroleum product transportation, the high quality and convenient location of these assets, including sites for construction of new filling stations, will enable the Company to eventually become one of the leaders in Magnitogorsk’s fuel market.'

Prior to the acquisition of the Red Oil network of filling stations, Bashneft had sold fuel products in the Chelyabinsk Region via 46 filling stations of its partners, none of which operate in Magnitogorsk itself.

Currently, Bashneft’s retail network comprises 490 filling stations in the Republic of Bashkortostan, the Udmurt Republic, the Orenburg, Sverdlovsk, Kurgan, Smolensk, Saratov and Chelyabinsk Regions, as well as 279 partner filling stations in 18 regions of Russia.