26 Apr 2010 18:34

Sistema will not become controlling shareholder of RussNeft for now

MOSCOW. April 26 (Interfax) - AFK Sistema will not become the controlling shareholder in oil company RussNeft in the short-term outlook, Sistema President Leonid Melamed said during a video conference.

"We will not become the controlling shareholder in the near future," he said.

RussNeft's value might increase substantially in future, due to organic growth and from mergers and acquisitions. "We believe that the asset by itself has great potential," he said.

However, Sistema First Vice President Anton Abugov said Sistema's purchase of a 49% stake "will not have an immediate effect" in efforts to optimize production and refining volumes at Sistema's BashTEK oil assets.

Sistema currently has no plans to transfer the RussNeft stake to Bashneft , representatives of senior management said.