Bashneft is one of Russia’s oldest oil companies; it has been producing oil since 1932. Its а vertically integrated russian oil company. The company operates 140 oil and natural gas fields in Russia and has an annual oil production of 16 million tonnes. Bashneft owns 3 oil refineries located in Ufa with a combined capacity of 820,000 bbl/d (130,000 m3/d) and 100 petrol stations. In March 2014, Bashneft acquired a 100% stake in Russian oil firm Burneftegaz in a deal totalling more than $1 billion. In 2015 the Company ranked sixth in terms of oil production and fourth in terms of crude oil refining among Russian oil companies. The Company’s vast oil reserves and its resource base are situated in Russia’s three key oil-producing regions: the Volga-Urals province, Timan-Pechora and Western Siberia. Over 180 fields are in commercial production. Oil production exceeds 19 million tonnes per year. Bashneft is the industry leader in terms of refining depth, which amounts to 85.8% The company produces and sells high-quality engine fuels meeting the Euro 5 standards.