Billionaire Mikhail Gutseriev was able to earn hundreds of millions of dollars in the crisis year by hedging against falling oil prices, writes Reuters with reference to sources in the banking and oil sector.
While Russian oil companies will avoid such deals, the co-owner of group BIN had no choice, the Agency said. “Gutseriev was a large debt to Sberbank, and Herman Gref (German Gref, Board Chairman of Sberbank) actually advised him to hedge by the beginning of 2015”, — told Reuters a source close to the deal.
First Deputy Chairman of Sberbank Maxim Poletaev confirmed to the Agency that the Bank in 2014 made a deal with Gutseriev. Soon after that, he explained, the savings Bank sold the contract one foreign banking group.
According to Reuters, the risks hedged, the company controlled by Gutseriev “Neptis”, agreed at the end of 2014 on the sale of future oil supplies by 50 million barrels at $85 per barrel. At the time of the transaction the price of oil fluctuated between $110 and $85 per barrel, after which the fall began. According to the Agency, in 2015, when the average price of a barrel was about $50, “Neptis” could earn because of “insurance” to $1.75 billion.
Gutseriyev and he controlled “RussNeft” to requests by Reuters did not respond. The representative of Gutseriev to the request has not yet provided comment.
Gutseriev transaction hedging may explain why during the crisis, controlled by billionaire patterns could become one of the most active investors in the market, notes Reuters. In 2015 owned by Gutseriev BEAN group acted as the buyer of MDM Bank, development projects in New Moscow and NPF “Raiffeisen”. At the same time patterns Gutseriev and Swiss trader Glencore agreed to write off $3 billion of debt “Russnefti” and convert them into shares. As a result, the debt of the oil company fell from $5.3 billion to $2.3 billion After write-off of debt share Gutseriev declined to 54%, and Glencore gained 46% in RussNeft.
Mikhail Gutseriev, one of the owners of the BIN group, which include oil companies, construction companies, banks, pension funds, hotels and business centers. In 2016, Forbes magazine estimated the fortune of Gutseriev in $5.9 billion According to the businessman, in addition to all of the assets of BIN own two other members of the family — Mikail Shishkhanov and Sait-Salam Gutseriev. In 2015 the family of BIN group headed a rating of the richest families in Russia according to Forbes in 2015. Their total fortune edition valued at $3.85 billion