Glencore and Russneft to continue negotiating on converting $900 million in Russneft’s shares

Swiss commodity trader Glencore and Russneft will continue negotiations on the conversion of debt in the amount of $900 million in shares of the oil company in 2015, Glencore’s accounting reports.

"In December 2013, Russneft refinanced a part of its debt to the company and paid $1 billion. After the December payment, the companies agreed to supplement the terms of the debt agreement, included in it a requirement for conversion of at least $900 million of the remaining debt into equity in Russneft for 2014, depending on the final results of the assessment and due diligence," – the company’s report notes.