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2 months ago
Russia's Russneft looking to clinch oil hedging deal with VTB
June 27, 2017 / 10:17 AM / 2 months ago

Russia's Russneft looking to clinch oil hedging deal with VTB

MOSCOW, June 27 (Reuters) - Russneft, Russia's mid-sized oil producer, is looking to clinch an oil hedging deal with VTB, Russia's second biggest bank, Russneft Senior Vice President Olga Prozorovskaya said on Tuesday.

Mikhail Gutseriyev, a Russneft co-owner, told an annual shareholders meeting separately that he had earned $700 million on a previous oil hedge deal. Sources told Reuters earlier that Gutseriyev had been hedging at Sberbank.

"We are waiting for (the right) moment ... and we will do (oil) hedging in the nearest future. We will hedge in such a way that we will get a couple of hundreds of million dollars in profit," Gutseriyev said. (Reporting by Oksana Kobzeva; writing by Katya Golubkova; editing by Dmitry Solovyov)

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