Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Ex-Sibneft Exec Tipped for Russneft

A former Itera and Sibneft senior executive, Alexander Korsik, has been tipped to take over as chairman of embattled oil firm Russneft at an extraordinary shareholder meeting Wednesday.

Korsik's appointment would be a further step in Russneft's takeover by Oleg Deripaska, whose investment vehicle Basic Element is awaiting regulatory approval for purchase of the firm, Kommersant said Tuesday. Deripaska proposed Korsik as chairman, the paper said.

Russneft principal owner and former CEO Mikhail Gutseriyev is believed to have left for London after being charged with illegal business practices and tax evasion at the end of August. The Federal Tax Service has filed 11 lawsuits against eight current and former shareholders in privately held Russneft.

Russneft spokesman Eduard Sarkisov said Tuesday that he had no knowledge of the shareholders' meeting and planned board reshuffles.

An industry source confirmed that Russneft called the meeting for Wednesday.

Basic Element spokesman Sergei Rybak was at a meeting Tuesday and unavailable for comment.

Korsik would replace current chairman Vyacheslav Marchenko on the five-member board. Marchenko is CEO of GMG-BIN, a group of companies linked to Mikhail Gutseriyev, Kommersant reported.

Korsik quit as CEO of Itera in August after only six months in the position. Previously, he was first deputy CEO of Sibneft from 1997 until 2005, when Gazprom bought the company.