RussNeft buys back part of stake from Glencore in Jan at average of 55 rubles/share, significantly below market price

Home > Newsroom > Top Stories > RussNeft buys back part of stake from Glencore in Jan at average of 55 rubles/share, significantly below market price

RussNeft buys back part of stake from Glencore in Jan at average of 55 rubles/share, significantly below market price

MOSCOW. Aug 28 (Interfax) - RussNeft has disclosed details of the purchase of a part of the stake in the oil company previously owned by Swiss commodity trader Glencore in its half-year reporting to International Financial Reporting Standards (IFRS), with the total transaction amount for 50,000,400 ordinary shares amounting to 2.75 billion rubles.

This stake constitutes 12.75% of the charter capital or 17% of the total number of the issuer's ordinary shares. Its purchase was formalized through the subsidiary Belye Nochi LLC.

When recalculated, the cost of one share within the transaction amounted to 55 rubles. At the time of the transaction, RussNeft's quotes on the Moscow Exchange were at the level of 145 rubles per ordinary share, and as of Wednesday they are around 124 rubles per ordinary share. The asset was thus purchased significantly below its market price.

The reflected transaction amount corresponds to $31.7 million (at the average exchange rate in H1 2025).

As reported, Glencore, which controlled 23.46% of RussNeft's charter capital, agreed to sell this stake back in December 2021, but the execution of the deal was delayed. In September 2023, the oil company's president, Yevgeny Tolochek, said that de facto the Swiss trader does not participate in the company's management.

A source familiar with the details of the deal told Interfax that the first part of the stake owned by Glencore was sold to Belye Nochi in January 2025 and the second part was sold several months later. The buyer of 16.33% of ordinary shares (corresponding to 12.25% of the charter capital) was the Emirati company OCN International DMCC. Subsequently, at the end of June, this stake was sold to Neoline Assets LLC, which is controlled by Zaira Gudayeva.

The charter capital of RussNeft consists of 392,152,000 shares with a par value of 50 kopecks each, of which 294,120,000 are ordinary shares and 98,032,000 are preferred shares.