Wall St. Warms to Siberia as Largest Cash Hoard Beckons: Energy
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OAO Surgutneftegas, Russia’s third-largest oil producer with a $31 billion market value, for years has refused to disclose its cash position under international reporting standards or whether it holds its own shares.
That’s no problem for Wall Street. FMR LLC’s Fidelity Investments, Swiss manager Pictet & Cie, and BNP Paribas SA’s assets management arm -- the three biggest foreign holders of the company’s preferred stock -- all added shares, filings made by the funds in the last three months show.