Glencore to take a 49% stake in Russia’s RussNeft

12 March 2015, News Wires – Swiss-based Glencore is set to acquire a 49% stake in Russia’s RussNeft, one of the country’s 10 biggest oil companies.
According to businessman Mikhail Gutseriyev, RussNeft’s chairman, the oil producer will however retain 51% of shares.

Gutseriyev said in an interview with state Russian television TV Rossiya24 the two companies are in the process of signing the deal and are at present waiting for approval from the Federal Anti-Monopoly Service, Reuters reported.

The value of the deal has not been disclosed.

The Swiss mining giant has been one of the key creditors of RussNeft since the company was founded in 2002.

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