Bashneft will add Murtaza Rakhimov, former leader of Bashkortostan, to its board, the oil producer and refiner said Wednesday.
Rakhimov’s son, Ural, was chairman of Bashneft until April 2009, a month after Sistema agreed to buy it. Chairman Alexander Goncharuk told a shareholders’ meeting that Bashneft would post annual profit in excess of $1 billion for the first time.
Billionaire Vladimir Yevtushenkov’s Sistema acquired control of Bashneft last year, together with regional refining and marketing assets, which it has since placed under Bashneft’s control. Previously the assets were held separately.