Russian Oil Firm Russneft Plans Moscow Share Sale

Reuters

MOSCOW, June 6 (Reuters) - Russian mid-sized oil producer Russneft, majority owned by businessman Mikhail Gutseriyev, plans to sell new shares on the Moscow stock exchange in the fourth quarter, a company spokesman said on Monday.

Russneft, which produced 7.4 million tonnes (150,000 barrels per day) of oil last year, plans to sell a stake of 25 to 49 percent, comprising new shares, in an initial public offering (IPO), depending on demand, the spokesman said.

RBC newspaper on Monday quoted Russneft co-owner Mikhail Shishkhanov as saying Gutseriyev's family and trader Glencore will remain its major shareholders after the IPO.

It also quoted a banking source as saying the company wanted to raise $2 billion through the share sale.

Russneft, in which Gutseriyev's family currently controls 54 percent of shares and Glencore owns 46 percent, declined to comment on the valuation.

According to Moody's Investors Service, Russneft's total debt stood at around $2.5 billion as of 31 December 2015, including a $2 billion loan from VTB.

(Reporting by Vladimir Soldatkin; Editing by Maria Kiselyova and Louise Heavens)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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