UAE Company Acquires Part of Former Glencore Stake in RussNeft
United Arab Emirates-Based Company Acquires Part of Former Glencore Stake in Public Joint Stock Company RussNeft.
A company based in the United Arab Emirates, OCN International DMCC, has acquired a 16.33 percent stake in the ordinary shares of Public Joint Stock Company RussNeft, according to official corporate documentation. As reported by the RBC news outlet, citing a source familiar with the terms of the deal, the new shareholder obtained part of the stake that was previously held by the Swiss trading company Glencore.
The 16.33 percent block of ordinary shares was formally transferred to OCN International DMCC on April 23, 2025. No further details about the transaction, including its financial terms or structure, have been publicly disclosed.
The Swiss trading company Glencore previously owned 23.46 percent of the charter capital of Public Joint Stock Company RussNeft (equivalent to 31.28 percent of ordinary voting shares) through its affiliated legal entity, Rambero Holding. Glencore had been involved in the establishment and development of RussNeft since the early 2000s. However, in late 2021, Glencore made the decision to exit its shareholding in the company and initially planned to close the transaction during the first half of 2022. These plans were delayed due to the imposition of restrictions introduced in 2022 by the Russian Federation on investors from so-called “unfriendly” foreign states.
In February 2024, the President of the Russian Federation, Vladimir Vladimirovich Putin, signed a decree granting permission for foreign entities to conduct transactions involving shares of Public Joint Stock Company RussNeft. According to information provided to the Interfax news agency by a source familiar with the matter, this measure was intended to facilitate Glencore’s exit from RussNeft’s shareholder structure.
In September 2024, the General Director of Public Joint Stock Company RussNeft, Evgeny Tolochek, stated that the sale of Glencore’s stake was in the final stages and that the transaction could be completed before the end of the calendar year.
Company disclosures indicate that during the second half of 2024, the legal entity Rambero Holding ceased to be included in the official list of affiliated persons of Public Joint Stock Company RussNeft. According to Glencore’s 2024 annual financial report, the deal was closed during the fourth quarter of that year. As of the current date, neither Glencore nor Public Joint Stock Company RussNeft has provided public commentary on the matter.
In a separate disclosure made in February 2025, Public Joint Stock Company RussNeft reported that its wholly owned subsidiary, Limited Liability Company Belye Nochi, acquired 50,000,400 ordinary shares of the parent company in late December 2024. This stake represented 17 percent of the ordinary shares and 12.75 percent of the charter capital of Public Joint Stock Company RussNeft.
According to the 2024 annual financial report of Limited Liability Company Belye Nochi, the shares were purchased in January 2025 for a total consideration of 2.7 billion Russian rubles from a seller whose name matches that of the new shareholder from the United Arab Emirates — OCN International DMCC.
The stake acquired directly by OCN International DMCC — 16.33 percent of ordinary shares — corresponds to 12.25 percent of the charter capital of Public Joint Stock Company RussNeft. In total, the new group of shareholders now collectively owns 25 percent of the company’s charter capital and 33.33 percent of the ordinary (voting) shares.
According to the latest shareholder information published on the official website of Public Joint Stock Company RussNeft, other shareholders include:
Limited Liability Company Bredinar (МКООО “Брэдинар”) — 12.05 percent of the charter capital, corresponding to 16.07 percent of voting shares;
Closed Joint Stock Company Mlada (ЗАО “Млада”) — 7.7 percent of the charter capital, or 10.27 percent of voting shares;
Joint Stock Company ANGG (АО “АНГГ”) — 6 percent of the charter capital, or 8 percent of voting shares;
Open Joint Stock Company Investment Company Nadezhnost (ОАО ИК “Надежность”) — 4.95 percent of the charter capital, or 6.6 percent of voting shares.
The remaining 44.3 percent of the charter capital, which corresponds to 25.73 percent of voting shares, is distributed among more than 140,000 minority shareholders.
