RIA Novosti reported that swiss trader Glencore is seeking to buy a 25% stake in RussNeft, one of Russia's top ten oil companies with the remaining 75% to go to Mr Oleg Deripaska billionaire of Russian.

Vedomosti reported that Glencore filed an application for the RussNeft stake on with Germany's antimonopoly body, which is expected to make a decision late in December. No application has yet been filed with the Russian Antimonopoly Service. No official information is available on how many of RussNeft's shares Glencore is looking to buy, but a company source told Vedomosti an application for a 25% stake had been submitted.

Paper said that RussNeft still owes USD 1 billion to Glencore and the Swiss trader could exchange the 25% stake for the outstanding debt or a part of it.

A businessman close to Glencore and Basel's management confirmed that Mr Deripaska would buy the remaining 75%.

Mr Denis Borisov, an analyst from the Solid investment and financial company said that a 100% stake in RussNeft could cost around USD 2 billion to USD 3 billion.

However, both Glencore, RussNeft as well as En+, a subsidiary of Deripaska's industrial holding Basel, have declined to make any comment on the report.