Nov. 9 (Bloomberg) -- AFK Sistema, billionaire Vladimir Yevtushenkov’s holding company, has held talks on acquiring oil producer OAO Russneft, Kommersant reported, citing people it didn’t identify.

Sistema is wary of acquiring Russneft with its current level of debt, the newspaper added.

Russneft had 193 billion rubles ($6.7 billion) in debt at the end of the first half this year according to Russian accounting standards, Kommersant said.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net.

Last Updated: November 9, 2009 01:42 EST