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Glencore eyes 25% stake in RussNeft, tycoon Deripaska to get 75%

MOSCOW, November 28 (RIA Novosti) - Swiss trader Glencore is seeking to buy a 25% stake in RussNeft, one of Russia's top ten oil companies, with the remaining 75% to go to billionaire Oleg Deripaska, a business daily said on Friday.

Glencore filed an application for the RussNeft stake on Thursday with Germany's antimonopoly body, which is expected to make a decision late in December. No application has yet been filed with the Russian Antimonopoly Service, Vedomosti said.

No official information is available on how many of RussNeft's shares Glencore is looking to buy, but a company source told Vedomosti an application for a 25% stake had been submitted.

A businessman close to Glencore and Basel's management confirmed that Deripaska would buy the remaining 75%.

RussNeft still owes $1 billion to Glencore, and the Swiss trader could exchange the 25% stake for the outstanding debt or a part of it, a source close to RussNeft told the paper.

Denis Borisov, an analyst from the Solid investment and financial company, said a 100% stake in RussNeft could cost around $2-3 billion.

However, both Glencore, RussNeft, as well as En+, a subsidiary of Deripaska's industrial holding Basel, have declined to make any comment on the report.

RussNeft runs 30 oil producing plants, three oil refineries, two carriers, and a chain of filling stations.

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