Glencore may sell Russneft stake to founder Gutseriyev, says Kommersant

MOSCOW – Swiss commodities firm Glencore may be selling its stake in Russian oil group Russneft to its former owner and founder Mikhail Gutseriyev, the Kommersant daily reported on Wednesday, citing sources.

Glencore’s sale, years in the works and due to be finalised in the first half of 2022 pending regulatory approvals, capped two decades of investments which saw it trading millions of barrels of Russneft’s oil even as it witnessed some of Russia’s top corporate and political battles.

Glencore did not disclose the buyer or the value of the transaction, but Kommersant cited sources as saying that Gutseriyev was expected to become the beneficiary of the stake, which it said was worth nearly 11 billion roubles ($146 million).

Gutseriyev, whose Safmar company already owns 11.11% of Russneft’s ordinary shares and holds an 8.33% stake in its authorised capital, was sanctioned by the European Union last year for close links with Belarusian President Alexander Lukashenko.

Sanctions created difficulties for Russneft’s oil exports, with Glencore skipping purchases for several months.