Russian Oil Market Consolidation

Moscow-based conglomerate Sistema has taken a major step towards developing an integrated oil business after submitting a regulatory petition on February 12 to acquire 49% of Russneft, Russia's sixth largest crude producer. Sistema's financial muscle will help Russneft's founder Mikhail Gutseriyev, who regained control of the producer earlier this year, to put the company back on the growth path after several years of stagnation.

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