Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Sistema Mulls Merger

ST. PETERSBURG — AFK Sistema, billionaire Vladimir Yevtushenkov's holding company, may seek to merge oil producers Bashneft and Russneft as soon as 2 1/2 years from now, company president Mikhail Shamolin said.

Sistema will consider merging the businesses after Russneft's debt is reduced to $4 billion from about $6.5 billion, Shamolin said Thursday. At current oil prices, the company can pay down about $500 million to $700 million a year, he said.

Sistema might make a decision on de-listing its Sitronics unit by the end of the year and may merge the company with Concern RTI Systems, Shamolin also said.

(Bloomberg)

Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.