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Sistema Signs Agreement to Acquire 49% In Russneft

Source: www.gulfoilandgas.com 3/26/2010, Location: Asia

Sistema, the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, today announced that it has signed an agreement to acquire a 49% stake in OJSC Oil and Gas Company RussNeft (“RussNeft”). The total amount which is expected to be paid is contingent on RussNeft achieving a number of financial and operating indicators, but will not exceed US$ 100 million. The completion of the deal is subject to the fulfilment of several conditions, which include seeking approvals in accordance with corporate procedures, obtaining results of financial and legal due diligence, and having discussions with the major lenders.

Vladimir Evtushenkov, Chairman of the Board of Directors at Sistema, commented: “The acquisition of the stake in RussNeft is in line with Sistema’s Oil and Energy Group portfolio strategy. We believe that working together with other shareholders of RussNeft, we will be able to use Sistema’s broad range of experience and professional know-how in order to create shareholder value.”

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