Bashneft is an emerging, vertically integrated Russian oil major in the top 10 in terms of oil production and top 5 in terms of oil refining. Bashneft’s production is sold in Russia and exported to Eastern and Western Europe, Kazakhstan and Ukraine. In 2012, the company extracted 15.4 mln tonnes of crude, up 2% on 2011 and 26% since 2009. Bashneft’s three refineries also processed about 21 mln tonnes of crude into oil products. AFK Sistema is Bashneft’s controlling shareholder, and the shares are traded on MICEX.