Glencore Banks on Russneft

摘要

Glencore's most prized asset in the Russian oil sector is its clutch of stakes of 49% in most of the produc- ing subsidiaries of Russneft, which last month produced a total 260,000 b/d of crude oil. Glencore lifts all the crude oil and oil products exports from Russneft, which are channeled via London- based subsidiary Russneft UK. Two key Glencore executives, Alex Beard, the director of crude oil trading, and Vladimir Scherbak, head of its Moscow office, sit on Russneft's board of directors. Glencore owns $2 bil- lion of Russneft's total debt of $6.5 billion, with the entire amount due to be cleared by 2017, although further loans from Glencore could be in the cards (NC Dec.23,p4).