Petroleum Africa
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Thursday, March 12, 2015
Glencore, the commodities and mining group, is ready to take on some debt in exchange for a stake in a Russian firm. In a debt-for-equity deal, Glencore will take a 49% stake in Russia’s OAO Russneft in exchange for wiping out an estimated $900 million of Russneft’s debt.
The deal has already been agreed upon and is waiting for approval from Russian competition regulators, Russneft’s owner and chairman Mikhail Gutseriev told Russia’s Rossiya 24 TV channel on March 11.
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