The Bashneft Company was established on the basis the Bashkir Petrochemical Integrated Enterprise in 1946. In 1975 it was renamed Bashneft Production Association and in 1995 it was called Bashneft Joint-Stock Company. Bashneft is the oldest oil producing facility in Russia; it makes up the basis of the industry in the Republic of Bashkortostan (Bashkiria), and provides one-fifth of the republican budget. Bashneft performs a complete cycle of prospecting for and production of oil and gas and marketing the products of their refining.