PRESS: Glencore to cut stake in Russia’s RussNeft to 25%

MOSCOW, Jul 22 (PRIME) -- Oil trader Glencore will reduce its stake in Russian oil producer RussNeft to 25% plus one share in August from 46% because the creditors of RussNeft, companies of businessman Mikhail Gutseriyev, will convert more debt into shares, business daily Vedomosti reported Friday, citing data provided by Moody’s.

RussNeft owed U.S. $2 billion to VTB and $400 million to Belyrian and GCM Global Energy of Gutseriyev in the end of 2015. Earlier in 2016, RussNeft refinanced $700 million of the debt to VTB in Belyrian.

The creditors owned by Gutseriyev can receive a 25% stake in RussNeft for $1.154 billion, as calculated by Vedomosti, based on earlier reports that GCM Global Energy converted a $154 million loan into shares of RussNeft and Belyrian converted an $836 million loan earlier this year, and plans to convert a $164 million loan in August.

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