Glencore saves Russneft for Gutseriev

The Head and co-owner of AFK Sistema, Vladimir Evtushenkov has said why Russneft and Bashneft didn’t merge. One of Russneft’s creditors – Swiss oil trader Glencore – opposed this. This deal threatened it with loss of influence over decisions, including on oil exports.

“Glencore opposed merger with Bashneft, they (the company’s shareholders) want to develop Russneft together with Gutseriev,” – Vladimir Evtushenkov stated in an interview to the agency Bloomberg. “Glencore would receive a small share in the merged company, lose its influence over decisions, made by the company, including the export of oil,” – he explained. A representative of the oil trader declined to comment.