• 3 minutes Natural gas is crushing wind and solar power
  • 6 minutes OPEC and Russia could discuss emergency cuts
  • 8 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 minutes Question: Why are oil futures so low through 2020?
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 3 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 7 hours Peak Shale Will Send Oil Prices Sky High
  • 9 hours "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 22 mins Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 8 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 1 hour CDC covid19 coverup?
  • 4 hours Oil and gas producers fire back at Democratic presidential candidates.
  • 1 day “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 16 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 1 day Who decides the Oil costs?
  • 1 day Blowout videos
Shell Sees LNG Market Returning To Balance By 2021

Shell Sees LNG Market Returning To Balance By 2021

The supply growth of liquefied…

Shale Decline Inevitable As Oil Prices Crash

Shale Decline Inevitable As Oil Prices Crash

Financial stress and crashing oil…

Oil Tycoon Offers $2 Billion To Buy Back Lost Assets

Oil Tycoon

Mikhail Gutseriyev, a Russian tycoon with oil and banking holdings, is offering to buy part of his former assets that were transferred to the central bank two years ago, when Russia rescued some banks owned by his family.

According to a 60-page document that Reuters has seen, Gutseriyev is offering US$2.12 billion (136 billion Russian rubles) for the assets, including a stake in mid-sized oil company Russneft which the tycoon founded. Trust bank, which was transformed into a vehicle of ‘bad assets’ holdings by the Russian central bank in 2017, holds a stake in Russneft.

Gutseriyev’s offer to buy assets from the state is billions of US dollars below the US$11.7 billion (750 billion rubles) expenses for the bailouts in 2017, which the Russian state thinks it is entitled to claim. However, according to the document seen by Reuters, Russian officials recommend Gutseriyev’s offer be accepted, because the state would get the money much sooner than if it were to take the matter to court, where proceedings could drag the lawsuit on for up to five years.

Gutseriyev’s offer consists of both cash and non-cash parts, according to the document Reuters has seen.

Related: Will OPEC+ Declare War On U.S. Shale?

A stake in Russneft, a stake in a property developer, and some other stakes would raise US$1.5 billion (95 billion rubles) for the Russian government, while another US$640 million (41 billion rubles) would come from the re-evaluation of a stake in Russneft which Trust bank would keep.  

Russia is eager to collect soon, at least partially, the expenses for the bailouts of several banks in 2017, including such held by the family of Mikhail Gutseriyev. Several Russian banks had to be bailed out by the government in 2017, when the western sanctions on Russia due to the annexation of Crimea caught up with the banking industry, which had aggressively expanded before that.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News