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28 Apr, 2008 04:09

Major oil company to be shared

Oleg Deripaska has said the Basic Element holding owned by him will not be the sole owner of Russneft. According to Deripaska, it will run the Russian oil company with Switzerland’s Glencore.

Glencore International AG is one of the world's largest suppliers of commodities and raw materials and is based in Baar, Switzerland.

The company is a long-time partner of Russneft. It is also a partial owner of UC Rusal, the biggest enterprise of Basic Element.

Both Basic Element and Glencore are now waiting for the Federal Anti-monopoly Service to authorise the acquisition of the stake belonging to the Russneft's founder and former chief, Mikhail Gutseriyev.

Gutseriyev resigned from his chairmanship last July.

Russneft is among the top ten Russian oil companies and the only one to be created not as a result of the 90s privatisation but due to the consolidation of assets of other enterprises.