The Gutseriev family, owners of 75 percent in Russian oil company Russneft (not to be confused with Rosneft), a midsized player in the field, is selling 20 percent of their holding in the company. The stake represents 15 percent of Russneft’s capital and will be
The initial public offering is being arranged by Russian banks VTB and Sberbank, and brokers Aton and BCS. The pricing range of the placement will be announced at the end of this week, and the final price will become public two weeks from now.
Russneft’s head first spoke about a possible flotation of part of his stake in June, when he said he might offer 10 percent of his family’s holding in the company on the Moscow stock exchange.
The company, in which Swiss-based commodity trading and mining giant Glencore holds 25 percent, earlier this month
Glencore bought into Russneft in the early 2000s, when company founder Mikhail Gutseriev, the 16th richest man in Russia, according to Forbes, had money problems. Gutseriev was kicked out of Slavneft, and Glencore helped him fund the start of Russneft in exchange for a 46-percent stake.
Between 2002 and 2010, The Swiss-based conglomerate poured some US$2 billion into the company, which at the time ranked among the top 10 oil companies in Russia. Glencore, which itself went public five years ago, had stakes in a number of Russneft subsidiaries and the right to sell the oil it produced.
However, as the FT
By Irina Slav for Oilprice.com
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