Companies & Finance

Russia’s Sistema looking to divest Global Petroleum Group

Sistema is considering selling part or all of its beneficiary stake in Global Petroleum Group
By Staff reporter 30 November 2018 0 33518

Sistema, the Russian conglomerate controlled by Vladimir Yevtushenkov, is considering selling part or all of its beneficiary stake in Global Petroleum Group, which produces oil and gas off the coasts of Grenada and Trinidad & Tobago.

Talks are being held with interested parties from China, Russian business daily Vedomosti reported on Thursday. The sale, which could net Sistema up to $534 million, would form part of the company’s plan to cut debt.

Sistema’s financial obligations stood at RUB 213 billion ($3.19 billion) at the...