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Friday, 21 November, 2008, 19:20 GMT | more >>

Confusion clouds Russneft vote



By Upstream staff 

Embattled Russian oil company Russneft failed to elect a new president today as doubt surrounded whether its fugitive former owner, Mikhail Gutseriyev, had closed a deal to sell the outfit to new owners.

"The shareholders' meeting did not take place because of a lack of quorum. We will announce the new date of the (emergency general meeting) at a later stage," Reuters quoted Russneft spokesman Eduard Sarkisov as saying.

Russneft's vice-president and a close ally of Gutseriyev, Oleg Gordeyev, had been registered as the only candidate to replace Gutseriyev as the new president.

Gutseriyev has accused the Russian government of "unprecedented bullying" after Russneft received back tax demands totalling $800 million.

In August he agreed to sell Russneft to Basic Element, the investment vehicle of Kremlin-friendly magnate Oleg Deripaska.

Gutseriyev later withdrew his statement attacking the government and issued another, saying he was happy to sell to Deripaska in a deal that industry sources valued at $6 billion.

Basic Element did not publicly oppose the nomination of Gordeyev at Russneft as industry sources said he could serve as a transition figure for a few months, before Deripaska installs a new management team.

But the deal is clouded by a Moscow court order to seize Russneft shares. On Tuesday, another Moscow court issued an arrest warrant for Gutseriyev, whom prosecutors believe fled Russia despite being under investigation.

Deripaska is regarded as one of the most pro-Kremlin businessmen, but industry sources have said he was not able to stave off an interest group inside the Kremlin that wants to use the courts to nationalise Russneft, Reuters said.

The sources told the news agency the Kremlin group's plan was then to amalgamate Russneft's assets into a state major that could be built on the basis of state oil giant Rosneft , already the holder of nationalised assets of oil producer Yukos.

Putin's deputy chief of staff, Igor Sechin, is chairman of Rosneft and market players say he has been the main driving force behind the company's expansion.

Thursday, 30 August, 2007, 12:51 GMT  | last updated: Thursday, 30 August, 2007, 12:56 GMT

Fugitive: Mikhail Gutseriyev
 

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