Orsk oil refinery might enter RussNeft – S. Gutseriev
The major holder and CEO of “ForteInvest” JSC, S. Gutseriev, admitted a possibility the Orsk oil refinery entering the structure of RussNeft.
It is too early to speak about it but Glencore has no relation to ForteInvest, besides the sales. We sell oil products, but they don’t own anything. So in the long-term perspective, if Mikhail Gutseriev founds an integrated company, the Orsk oil refinery might enter RussNeft, and the stakes of the shareholders will change, he said.
He said he doesn’t plan to increase his stake in the Orsk oil refinery from 85%. Other shareholders are mostly minority shareholders. So when there are offers made by minority shareholders to purchase their stakes, we consider them and sometimes buy. But meanwhile we can’t see any necessity to increase the stake, he said.
Glencore will hold 46% in the head company RussNeft which will be formed out of RussNeft and Neftisa as a result of the amalgamation of the assets of M. Gutseriev.
