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.