Glencore in Russian Oil Deal

Reuters reported that Glencore (LSE:GLEN) may soon enter a debt for equity deal with Russneft, one of Russian ten largest oil producers, to gain a 49% stake.

As quoted in the market news,

Russian oil producer Russneft as a result of a restructuring, its owner said on Wednesday, despite fears that an escalating conflict between Moscow and the West over Ukraine could lead to wider sanctions against the Kremlin.

The non-cash transaction will convert shares Glencore has held for the past decade in Russneft’s subsidiaries into a stake in the parent company, said Gutseriyev.

Click here for the full Reuters report