21:07 GMT +3 hours24 August 2016
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Russian Billionaire Building New Oil Company Report

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Russian billionaire Mikhail Gutseriyev is creating a new oil company through acquisitions and consolidation, according to a Russian newspaper report Wednesday.

MOSCOW, December 11 (RIA Novosti) – Russian billionaire Mikhail Gutseriyev is creating a new oil company through acquisitions and consolidation, according to a Russian newspaper report Wednesday.

The company, Neftisa, already has oil production assets worth about $2 billion, Kommersant newspaper said.

Gutseriyev, who is estimated to be worth $3 billion by Forbes Magazine, is known as the founder of oil company Russneft, which he jointly owns with billionaire Vladimir Yevtushenkov's conglomerate AFK Sistema.

Neftisa was registered in 2008, and has received assets transferred from Russneft as well as several new oil assets purchased by Gutseriyev in recent months, according to Kommersant.

As well as oil production, Gutseriyev also has Russian real estate holdings, and owns several radio stations.  

Tags:
Russneft, Neftisa, Vladimir Yevtushenkov, Mikhail Gutseriyev
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