Russia's third-largest crude oil producer Surgutneftegaz denied on Wednesday a Bloomberg report that the company could possibly take a stake in the country's top oil firm, Rosneft.
On Tuesday, Bloomberg said Surgut, which has amassed more than $30 billion in cash reserves, may acquire a 19.5 percent stake in Rosneft after the company asked the state for funds to weather an economic crisis.
"The contents of the above mentioned publication have no grounds whatsoever," Surgut said in a statement.
Preferred shares in Surgut, traded in Moscow, rose more than 4 percent on the statement.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
