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February 13, 2014 12:00

Bashneft head, Goldovsky leave expanded UPC board

MOSCOW. Feb 13 (Interfax) - The shareholders of United Petrochemical Company (UPC), a division of Russian conglomerate Sistema JSFC (MOEX: AFKS), voted at an extraordinary general meeting on February 10 to expand the company's board to nine directors from seven, UPC told Interfax.

Shareholders also elected a new board of directors that includes Felix Yevtushenkov, senior vice president of Sistema and chairman of oil company Bashneft (MOEX: BANE); UPC president Kirill Tyurdenev; Sistema executive vice president and Bashneft board director Mikhail Cherny; Bashneft senior vice president for refining and commerce Maxim Andriasov; former Moscow Mayor Yury Luzhkov; Salambek Khadzhiyev, director of the Topchiyev Petrochemical Synthesis Institute of the Russian Academy of Sciences; Vladislav Bazhenov, advisor to Bashneft's president; Farkhad Samedov, director of Bashneft's petrochemical department; and Vladimir Uvakin, executive vice president for corporate relations and corporate property at Sistema.

Bashneft president Alexander Korsik and business Yakov Goldovsky, who was previously chairman of UPC, have left the company's board. It was reported earlier that UPC is distancing itself from the image related to Goldovsky's company.

UPC was founded in 2011 as a joint venture between Bashneft and Goldovsky's Petrochemical Holding. However, Goldovsky later withdrew from the venture and Bashneft, after consolidating UPC, sold the petrochemical company to Sistema. Sistema plans to develop the petrochemical division as a separate business.

UPC owns four plants in Bashkortostan: OJSC Ufaorgsintez (MOEX: UFOS), gas processing plants LLC Tuimazinskoye GPP and LLC Shkapovskoye GPP, as well as LLC Bisfenol. The UPC group had total revenues of 17.9 billion rubles in 2012.

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