Dubai company acquires part of Glencore’s stake in RussNeft
OCN International DMCC, a company registered in Dubai (United Arab Emirates), has acquired a 16.33% stake in Russian oil company RussNeft, Russian media reported on 23 April, citing data from the corporate disclosure centre website.
Details of the transaction have not been disclosed. According to an RBC source, the new shareholder acquired part of the stake previously held by Swiss commodity trader Glencore.
According to RussNeft’s website, Rambero Holding is no longer listed among shareholders holding at least 5% of the company’s charter capital. Glencore had owned a 23.46% stake in RussNeft through this entity. OCN International DMCC now appears on the shareholder list with 16.33% of ordinary shares (12.25% of the charter capital; the discrepancy is due to the issuer having preferred shares).
According to RussNeft’s documents, OCN International DMCC is registered in Dubai’s DMCC free economic zone. The zone’s registry states the company received its business licence in 2021, covering investments in commercial enterprises and management, industrial projects, and oil and gas ventures. Under UAE law, local companies are required to maintain information on ultimate beneficial owners and provide it to the authorities, but they are not required to publish it.
Glencore had been involved in RussNeft since the early 2000s, holding 23.46% of the charter capital (or 31.28% of ordinary shares). In late 2021, Glencore decided to sell its stake and complete the transaction in the first half of 2022, stating the holding was no longer strategically important for the business. However, the sale was stalled due to restrictions imposed in 2022 on investors from countries deemed “unfriendly” to Russia.
In February 2024, President Vladimir Putin authorised foreign entities to conduct transactions involving RussNeft shares. Interfax reported that this was intended to help finalise Glencore’s exit from the share capital.