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Glencore to own 49 percent of Russia's Russneft - Russneft owner

Published 11/03/2015, 09:14
© Reuters.  Glencore to own 49 percent of Russia's Russneft - Russneft owner
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MOSCOW (Reuters) - Swiss-based commodities trader Glencore (L:GLEN) is expected to own 49 percent of Russia's Russneft oil producer, pending approval from Russia's competition watchdog, Russneft's owner told Rossiya 24 TV channel on Wednesday.

Mikhail Gutseriyev did not give details of a timeframe for the deal or any further details.

He said said Russneft would produce 18 million tonnes of oil (360,000 barrels per day) per year once its assets were consolidated.

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