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Russia's antimonopoly watchdog approves Glencore acquiring stake in Russneft

Research has shown Russneft does not have a large share in the market

MOSCOW, May 21. /TASS/. The Russian Federal Antimonopoly Service approved miner Glencore acquiring a 46% stake in Russneft, the Service told TASS Thursday.

"The analysis of the commodity market of crude oil, which was carried out by the Russian Federal Antimonopoly Service on an annual basis, has shown that Russneft does not have a large share in the market. Therefore, Glencore's acquisition of the company’s stake cannot have a significant impact on the competition," the Head of the Service Dmitry Makhonin said.

Earlier the Russian Federal Antimonopoly Service analyzed the additional information on Glencore's deal with Russneft, and determined that the deal does not require prior approval in accordance with the requirements of the Federal Law on foreign investment. The Service noted that Glencore will purchase a 46% stake in Russneft, not 49%, as was stated earlier.

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