Sistema Gains Most in 3 Months as Unit Cleared for Bid

AFK Sistema (SSA) jumped the most in three months in London trading after Russia’s Natural Resources Ministry said the company’s oil unit, OAO Bashneft, was cleared to bid for Arctic oil deposits.

The global depositary receipts rose 4.9 percent to $24.96 at the 4:30 p.m. close in London, their biggest gain since July 2.

Bashneft and OAO Surgutneftegaz are the only companies cleared to bid in a tender for the right to develop the Trebs and Titov oil fields, ministry spokeswoman Yelena Koverga said by phone today.

Surgutneftegaz closed up 1.6 percent at 28.937 rubles in Moscow, its biggest gain since Sept. 1.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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