RussNeft Gutseriev was elected the new President

RussNeft Gutseriev was elected the new President

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Photo: Vladimir Fedorenko/RIA Novosti

The new head of “RussNeft” will be Eugene Tolook. He will replace on this post of Oleg Gordeev

As reported by RBC representative of “RussNeft”, the new President of the company selected Eugene Tolook. He will replace on this post of Oleg Gordeev, who was the head of “RussNeft” from February, 2015 and left office in coordination with the Chairman of the Board of Directors of the company Mikhail Gutseriev.

The decision on the appointment of a new President will be made at the Board of Directors of the company, which is scheduled for November 7. At the same Council will discuss the development strategy of “RussNeft” in 2017-2019

45-year-old Eugene Tolook began his career in 1997 in the position of assistant driller. Then he worked in OJSC “Samaraneftegaz”, OAO “Tomskneft”, JSC “Volganeft”, JSC “Samarainvestneft”, JSC NC “Neftis”. Vice-President of mining and Geology “RussNeft” he began in June of 2015.

Earlier it became known that on the eve of IPO on the Moscow stock exchange “RussNeft” has expanded the Board of Directors with 10 to 13 people. As independent members included the former head of the audit chamber Sergei Stepashin, a member of the house of lords Robert Skidelsky, rector of RGU named after Gubkin, Viktor Martynov, Chairman of the Board of Directors of investment company “Jupiter” Andrew Derech.

The company plans to list on the Moscow stock exchange up to 10% of shares for $400-500 million, said in June Gutseriev. In the IPO can be sold 10-15% of RussNeft on the basis of the evaluation of the entire company at $4-5 billion, the size of the package will depend on demand, said RBC later, a source close to the oil company.

Net profit of “RussNeft” in the first half of 2016 totaled 8.62 billion RUB compared to 1.73 billion RUB of loss a year, follows from the interim statements of the company for the company. But the company’s revenue decreased by 17.5% 55,07 of 45.41 billion to billion.

The total debt of RussNeft on June 30, 2016 total $1.76 billion, the main part ($1,264 billion) — the VTB loan. By the end of 2015 production of “RussNeft” has decreased by 13.4% to 7,387 million tons on the eve of the IPO, the company began to increase productionin January—August, production decreased by only 9.2%, to 4,572 million tons of oil.