Sistema Inks Deal For 49% of Russneft

March 29, 2010

Sistema has inked an agreement to purchase 49% of shares in Russneft in a deal for less than $100 million and which depends on Russneft achieving a number of financial and operational indicators, the company reported in a news release. According to the company, completing the deal “depends on completing a number of preliminary conditions, including having it approved in line with corporate procedures, the results of a complete financial and legal audit and agreement with large creditors”.

Vladimir Yevtushenkov, Chairman of the Board of Directors at Sistema, commented: “The acquisition of the stake in RussNeft is in line with Sistema’s Oil and Energy Group portfolio strategy.   We believe that working together with other shareholders of RussNeft, we will be able to use Sistema’s broad range of experience and professional know-how in order to create shareholder value.”

Copyright 2010, Sistema. All rights reserved.