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Sistema Sells Stakes in Oil Producer Russneft for $1.2 Billion

AFK Sistema, an investment group controlled by billionaire Vladimir Evtushenkov, agreed to sell 49 percent of oil producer OAO Russneft for $1.2 billion.

The buyers are companies controlled by investors Mikail Shishkhanov and Felix Dlin, Sistema said in a statement today. As part of the agreement, Sistema has an option to buy stakes in eight of Russneft’s exploration and production companies in the Urals within three months.

“In just over three years since the acquisition of our Russneft stake, Sistema has achieved an impressive return on our investment,” Chief Executive Officer Mikhail Shamolin said in today’s statement. “Russneft has transformed itself into one of the leading and fastest-growing Russian upstream companies.”

Russneft, founded by Mikhail Gutseriev, who fled Russia in 2007 to avoid criminal charges that were later dropped, produced about 100 million barrels of oil last year, according to the company’s website. Glencore Xstrata Plc is Russneft’s largest creditor and holds stakes in several of the company’s production units.

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