RussNeft Gutseriev was elected a new President – RBC

Photo: Vladimir Fedorenko/RIA Novosti

the New head of “RussNeft” will be Eugene Tolochek, who began his career with assistant driller. Until the end of the year, the company plans to hold an IPO on the Moscow stock exchange

As reported by RBC representative of “RussNeft”, the new President of the company Evgeni Tolochek. He will replace on this post of Oleg Gordeev, who was the head of “RussNeft” from February 2015 and will leave his post by agreement with the principal owner and Chairman of the Board of Directors of the company Mikhail Gutseriev.

the Decision on early termination of powers of Gordeeva and the appointment of a new President will be made at the Board of Directors of the company, which is scheduled for November 7. At the same Council will discuss the development strategy of “RussNeft” in 2017-2019. Until the end of 2016 the company plans to list on the Moscow stock exchange up to 10% of shares for $ 400-500 million, said in June Gutseriev.

Tolochek “has a huge experience in the industry: his unique combination of youth and experience, ability to strategically evaluate decisions,” said RBC representative of “RussNeft” on Saturday. 41-year-old top-Manager graduated from Samara state technical University, specialty “Development and exploitation oil and gas fields”, and began his career in 1997 as assistant driller, and then a process engineer in “Samaraneftegaz”. In 2000 he became head of production at Tomskneft, and four years later moved to the “Volganeft”, which just bought RussNeft. He then worked in “Samarainvestneft” and “Nettie”, which is also controlled by the Gutseriev structures, in June 2015, was appointed Vice President of mining and Geology “RussNeft”.

“By agreement of the parties and considering the merits of the holding company” Gordeev will be invited to take the position of first Vice-President and member of the Board of Directors of “RussNeft”, said the representative of the company. In February 2015, when he gave place to the President of “RussNeft” Oleg Gordeev, and he became Chairman of the Board of Directors, a company spokesman told RBC that the decision “whether to split the functions of operational and strategic management of the company.”

Earlier it became known that on the eve of IPO on the Moscow stock exchange “RussNeft” has expanded the Board of Directors from 10 to 13. As independent members included former Prime Minister and ex-head of the audit chamber Sergei Stepashin, a member of the house of lords Robert Skidelsky, rector of RGU named after Gubkin, Viktor Martynov, and Chairman of the Board of Directors of investment company UNITER Andrew Derech. Gutseriev and his family (own about 66% of the share capital RussNeft”), as well as top managers of the controlled companies will get seven seats in the Council and the representatives of the Swiss trader Glencore (31.3 per cent) two.

Net profit of “RussNeft” in the first half of 2016 totaled 8.62 billion RUB compared to 1.73 billion rubles of net loss a year earlier, follows from the interim statements of the company for the company. But the company’s revenue decreased by 17.5% 55,07 of 45.41 billion to billion.

the Total debt of RussNeft on June 30, 2016 total $ 1.76 billion, the main part ($ 1,264 billion) — the VTB loan.

At the end of 2015 production of “RussNeft” has decreased by 13.4% to 7,387 million tons on the eve of the IPO, the company began to increase production in January—August, production decreased by only 9.2%, to 4,572 million tons of oil.