Withdrawal of the Russneft’s Head from the Basheft’s Board of Directors may be connected with the postponement of the earlier announced plans on the merger of the two companies

The head and founder of Russneft Mikhail Gutseriev is leaving the Bashenft’s Board of Directors. This may be connected with postponement of earlier announced plans on merger of two companies. But it isn’t improbable that the merger won’t take place and Gutseriev will focus on his business.

The Russneft’s President Mikhail Gutseriev and the Argos Group’s Head Peter Gedvolk failed to appear in the list of candidates to the Bashneft’s Board of Directors, the company, controlled by Sistema, reports. Instead of them new Vice President of Sistema Vsevolod Rozanov may become a member of the Board if his candidate is approved by the meeting of shareholders. He headed the financial direction in the company and joined the Sistema’s management, left the position of the company’s Indian subsidiary - Sistema Shyam TeleServices Ltd.