13th Mar 2015 13:59
Glencore plc
Baar, Switzerland
13 March 2015
OAO Russneft ("Russneft") restructuring-clarification
Glencore plc refers to the Russian channel 24 television interview on 11 March 2015 with Mikhail Gutseriev, Chairman of Russneft. In this interview Mr Gutseriev referred to an agreement to issue shares in Russneft to Glencore.
The Glencore group holds large minority interests in production subsidiaries of Russneft. Glencore confirms that it has agreed to a share exchange whereby Glencore would exchange these minority interests for a 49% shareholding in Russneft's holding company.
Completion of this share-for-share exchange remains outstanding.
Also, contrary to certain media reports, no conversion has taken place of any of Russneft's outstanding loan commitments to Glencore.
For further information please contact:
Investor:
Paul Smitht: +41 (0) 41 709 2487m: +41 (0) 79 947 1348e: [email protected] | Martin Fewingst: +41 (0) 41 709 2880m: +41 (0) 79 737 5642e: [email protected] | Elisa Mornirolit: +41 (0) 41 709 2818m: +41 (0) 79 833 0508e: [email protected] |
Media:
Charles Watenphult: +41 (0) 41 709 2462m: +41 (0) 79 904 3320e: [email protected] |
Company secretarial:
John Burtont: +41 (0) 41 709 2619m: +41 (0) 79 944 5434e: [email protected] | Nicola Barrettt: +41 (0) 41 709 2755m: +41 (0) 79 735 3916e: [email protected] |
www.glencore.com
About Glencore
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise of over 150 mining and metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 200,000 people, including contractors.
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