Russian oligarch’s latest venture draws US$500m from CEFC’s sister company AnAn Group

AnAn Group has agreed to take up a third of the US$1.5 billion initial public offering by Russian oligarch Oleg Deripaska’s commodities and energy major EN+ Group.

The deal by the parent of AnAn International, and a sister company to CEFC China Energy, is another sign of closer economic partnership between China and Russia, even as Moscow has become the focus of western sanctions following its annexation of Crimea from Ukraine in 2014.

AnAn Group has committed to subscribe to US$500 million worth of EN+ shares that will be listed in Moscow and London, EN+ said in a statement.

“AnAn Group’s participation in the offering as a cornerstone investor is a clear testament to the

strength of our investment case ... and the potential for greater cooperation between our two companies going forward,” EN+ chief executive Maxim Sokov said.

EN+, the parent of Moscow and Hong Kong-listed Rusal, the world’s second largest aluminium producer, also own a large portfolio of hydro electricity plants, coal and base metal mining assets in Siberia.

EN+ and controlling shareholder Deripaska are not subjected to the international sanctions, which ban western companies from helping Russian companies financially or by the transference of technology.