Russneft

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RussNeft is a Russian oil company based in Moscow. It was founded in 2002 by Mikhail Gutseriev and is part of the SAFMAR group. It began as a regional producer and, in 2006, bought oil-processing and distribution plants to become a vertically integrated oil company.

The company expanded over the years, adding assets in Khanty-Mansi and the Nazymskaya oil and gas project in 2014. RussNeft has faced legal and political pressure in the 2000s, including investigations into production and tax matters. Gutseriev briefly lost control in 2007 but regained it in 2010, and many charges were later dropped.

Ownership shifted over time. Bazoviy Element, tied to Oleg Deripaska, controlled the company for a period, but Gutseriev regained leadership in 2010. In 2010 the company sold stakes to AFK Sistema and Sberbank; Sistema later reduced its stake in 2013.

RussNeft carried out a stock market flotation in 2016, valued at about 160 billion rubles and raising tens of billions. By 2019 the company produced about 7.2 million tonnes of oil per year, employed around 15,500 people, and showed strong revenue growth. In 2022, revenue was about 275 billion rubles.

The company also operates in Azerbaijan, where it has been active since 2006, including the Binagady project and other fields, with production around 500,000 tonnes from Azerbaijan. Mikhail Gutseriev remains the founder and major shareholder, and Evgeny Tolochek serves as CEO. RussNeft is traded on the Moscow Exchange under RNFT.