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Glencore's exit from Russneft in final stages, deal could be completed this year

Swiss trader Glencore owned 23.46% in Russneft through the Rambero Holding structure

MOSCOW, September 27. /TASS/. The process of selling Glencore's stake in Russneft is in the final stage, the deal may be closed before the end of this year, by Russneft CEO Evgeny Tolochek said on the sidelines of the Russian Energy Week.

"The sale of the stake is in the final stage. We can say that it has virtually been completed, we still have a technical problem," he said, adding that the deal could be completed before the end of the year.

Swiss trader Glencore owned 23.46% in Russneft through the Rambero Holding structure. In December 2021, the trader agreed to sell its stake, with the deal expected to close in the first half of 2022. However, in the summer of 2022, Russian President Vladimir Putin signed a decree restricting any transactions that change the ownership structure of Russian companies for investors from unfriendly countries.

But as early as February 2024, Putin allowed foreigners to trade in Russneft shares. An informed industry source told TASS, this will allow Russneft to complete the deal with Glencore on its exit from the share capital.