Russian Oil Firm Surgutneft Says Won't Help Rosneft With Share Purchase

By Reuters

May 13, 2015

The logo of Russia's top crude producer Rosneft is seen at the company's headquarters, behind the Kremlin wall, in central Moscow. Sergei Karpukhin / Reuters

Russia's third-largest crude oil producer Surgutneftegaz denied on Wednesday a Bloomberg report that the company could possibly take a stake in the country's top oil firm, Rosneft.

On Tuesday, Bloomberg said Surgut, which has amassed more than $30 billion in cash reserves, may acquire a 19.5 percent stake in Rosneft after the company asked the state for funds to weather an economic crisis.

"The contents of the above mentioned publication have no grounds whatsoever," Surgut said in a statement.

Preferred shares in Surgut, traded in Moscow, rose more than 4 percent on the statement.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue