Gutseriev: Glencore to hold 49% in Russneft

​According to the head of Russneft, M. Gutseriev, who now holds 100% in Russneft, the deal with Glencore is a bright example that western investors don’t leave Russia.

Glencore will hold 49% in Russneft that will be united with “Neftisa”, the preparation of the shareholders’ agreement is coming to the end, M. Gutseriev said.

Glencore and Russneft have been negotiating on the conversion of the debt for a long time. In 2014 Mr. Gutseriev said that Glencore might forgive a part of the debt in exchange for the shares of “Neftisa” which he helped to finance. Mr. Gutseriev said that the united company of Russneft and Neftisa, which he assesses at $18 mln, will have the reserves of 700 mln tons of oil and extract 17 mln tons a year.

“Now we are receiving the permission of FAS – all affiliates will be converted into a head company, the agreement is being signed, now we are completing the shareholders agreement, Glencore will hold 49% in Russneft”, Mr.. Gutseriev said.