October 2005

27.10.2005
Mikhail Gutseriev Elected Board of Directors Chairman of Management Company Russian Coal ZAO

Mikhail Gutseriev, a co-owner and president of oil company RussNeft, has been elected Chairman of Russian Coal’s Board of Directors. According to an informal source, some structures belonging to Mikhail Gutseriev acquired earlier 50 % of Russian Coal’s authorized capital stock from Vadim Varshavsky and ex-co-owner of Mezhprombank Sergey Veremeyenko. The amount of the deal has not been disclosed.
Russian Coal is one of the first-rate coal producing and trading companies of Russia. The company owns and runs eight coal producers in RF. Five of these producers are engaged in open-cast mining and the other three work underground. Last year the total production volume of Russian Coal exceeded 14 million tons. In 2005 this figure is to be increased to 18 million tons. The total coal reserves are estimated as approximating 620 million tons.


Source: "Nezavisimaya Gazeta"