Russneft Oil Company Under Investigation

Russian private oil company Russneft is being scrutinised by the Russian Interior Ministry.

Documents have been seized and senior executives, including Mikhail Gutseriev, the company president, questioned.

Russneft has grown to a 300,000-barrel-a-day oil company in just four years. This is less than a fifth of rival Rosneft’s daily production but the rapid expansion of the company has caught the attention of analysts. Led by Mr Gutseriev, Russneft swept up numerous small Russian oil producers and refiners in its first few years.

Speculation in Moscow suggested that Russneft was initially encouraged by the Kremlin, which wants its disparate oil sector to consolidate.