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Monday, April 28, 2008

Major oil company to be shared

Major oil company to be sharedApril 28, 2008 - Russia Today - Oleg Deripaska has said the Basic Element holding owned by him will not be the sole owner of Russneft. According to Deripaska, it will run the Russian oil company with Switzerland’s Glencore. Glencore International AG is one of the world's largest suppliers of commodities and raw materials headquartered in Baar, Switzerland. The company is a long-time partner of Russneft. It is also a partial owner of UC Rusal, the biggest enterprise of Basic Element. Both Basic Element and Glencore are now waiting for the Federal Antimonopoly Service to authorize the acquisition of the stake belonging to the Russneft's founder and former chief, Mikhail Gutseriyev. Gutseriyev has resigned from his chairmanship last July. Russneft is among top ten Russian oil companies and the only one that has been created not as a result of the 90-s privatization but due to the consolidation of assets of other enterprises.

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