abce certificate
Thursday, 24 July, 2008, 09:40 GMT | more prices >>

Deripaska moves on Russneft



By Upstream staff 

Basic Element, the investment vehicle of Kremlin-friendly magnate Oleg Deripaska, said today it had applied for approval from the Federal Anti-Monopoly Service to buy embattled oil company Russneft.

"One of our (companies) has submitted the request," a Basic Element spokesman told Reuters.

A Russian court froze Russneft shares earlier this year and issued a warrant for the arrest of its owner, billionaire Mikhail Gutseriyev, who has accused the state of using tax evasion charges to force him out of business.

Last month, Gutseriyev agreed to sell Russneft to Basic Element, but has since fled the country.

The deal has since hit legal complications as some analysts suspect a rival Kremlin clan opposes the plan.

The Federal Anti-Monopoly Service has one month to make a decision.

Under the $6 billion deal, Gutseriyev was to have received $3 billion in cash, while the remainder would cover Russneft's debts to state-controlled Sberbank and Swiss trading house Glencore, industry sources told the news agency.


Tuesday, 04 September, 2007, 06:14 GMT  | last updated: Tuesday, 04 September, 2007, 07:04 GMT

e-mail this article to a colleague


to email:  from:
comments: