Russneft sale drawing near

by andre — last modified Nov 23, 2009 09:04 AM

— filed under: bazel, oil, russneft, sistema

Russian press reported on 16 Nov. that a deal on the sale of Russneft might be reached before the end of the week.

Bazel holding, which is owned by Russian oligarch Deripaska, announced in September that Russneft might be up for sale. The company Sistema and former Russneft owner Gutseriyev have reportedly shown interest in Russneft.

According to some observers, Russneft might be divided up between Sistema and Gutseriyev. The main stumbling block remains Russneft's debt settlement.

EEO Focus: Gutseriyev is keen on regaining control over his former assets, while Sistema is interested in Russneft's oil reserves for its refinery complex in Bashkiriya. The take-over by Bazel holding was never officially approved by the government commission on foreign investments.

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