State-controlled Rosneft paid 330 billion roubles for a 50.1% stake in Bashneft, higher than other bidders offered, including privately-owned oil company Lukoil . A high-ranked source at the Russian government said on Friday it was unlikely Bashkortostan would decide to sell its stake in Bashneft. A spokesman for the head of Bashkortostan told Reuters the region was not in talks with Rosneft on selling its stake. On Thursday, Rosneft said it had asked Lukoil to cancel crude oil purchasing contracts with Bashneft. Lukoil and Bashneft also have a production joint venture in Russia's northern Timan Pechora region.

Source: The Edge Markets October 28, 2016 14:12 UTC