British accent: what is the role of the son and heir of Mikhail Gutseriev in the family business of BIN Group

Family entrusted Said Gutseriev with oilrefining. Was the British education and work experience in Glencore useful for him?
Origin source
Hall of celebrations "Safisa" built of marble and gold lover Telman Ismailov, saw a lot of lush and luxurious events. It walked on wedding hockey player Pavel Bure, anniversary wife of Joseph Kobzon, birthdays of Ismailov and many other wealthy people. But all these celebrations overshadowed the wedding of Said Gutseriev, the younger son of billionaire Mikhail Gutseriev, and the 20-year-old student MSMSU Khadija Uzhakhovs.

Honeymooners personally congratulated the current and former presidents of Ingushetia, Yunus-Bek Yevkurov, Ruslan Aushev. Guests were entertained by Jennifer Lopez, Sting, Elton John, Patricia Kaas, and Enrique Iglesias, singing and Alla Pugacheva. In instagrame appeared thousands of messages with the hashtag "svadbagutserievyh" in different languages. Media discussed guests, bride of 25 kg, studded jewelery, expensive gifts that were presented to every guest of the groom's father. About the bridal wrote very little.

Meanwhile, 28-year-old Said Gutseriev, the general director of a little-known company "Forteinvest" manages a business with an annual turnover of 120 billion rubles. Under his control is being upgraded large neftepprocessing plants in the Orenburg region, which only this year investment program laid 20 billion rubles. "Mikhail Gutseriev said all questions about processing now to Sayid, he is engaged in it," - says Forbes top manager of one of the partners of BIN group. What is the role of the son and heir of the billionaire in the family business group BIN?

Gaudeamus igitur

Office of "Forteinvest" founded five years ago, it is located in "Chaika Plaza" BIN-owned business center. It was built a long time and, although located in the center, to the Class A nedotyagivaet corridors are narrow, small rooms. Said office worker Gutseriev devoid of any pomp and glamor - a table littered with papers, a few chairs, a computer. Perhaps at the office of the owner tastes influenced by 17 years in England.

Choosing a school for him, parents hesitated between the best private institutions for boys - Eton and Harrow. They stopped at the last. Harrow as proudly says Said Gutseriev, graduated from nine UK Prime Ministers including Winston Churchill. In addition, there uchI his elder brother Khan Gutseriev (in 2007 he was 22 years old was killed in a road accident in Moscow, Mikhail Gutseriev could not come from London to Moscow - it was a criminal case in Russia, which was closed only in 2010, so farewell took place in Baku). The study Harrow boys from 13 to 18 years, were Chinese, Arabs, Americans and several Russian among classmates Said. Having left school at all five, Gutseriev went to Oxford on the faculty of archeology and geology. "Out of 190 people of our issue 19 came to Oxford and Cambridge, - says Said Gutseriev, - this is a very good result. Competition in my faculty was 15 people in place, and all with the best marks. "

At school he most liked chemistry, but he chose the faculty based on the interests of the family business. "Geology - is the subsoil, - he explained briefly. - This is our work. "

The most difficult was the fact that for four years of study there were only two examination sessions: after the first year and before the release. Tests knowledge at once in three years: "Six four-hour exams with weeklyka on Saturday. " It's been five years, but the chapter "Forteinvesta" still do not own these memories. After graduating from Oxford, Gutseriev entered the magistracy in the English Plymouth, where he studied business processes in the oil and gas industry.

Full English education, he said, especially given the overall development. He says he maintains friendly relations with several classmates at Oxford, but no one crossed in business. "Those who have graduated from Oxford, not necessarily successful and wealthy, they are just very smart, - says the graduate of the famous university in the world. - On the other hand, to be a good businessman, not necessarily finish Oxford. I am grateful to my parents for what they have given me the best education in the world, always I knew that I would return to Russia and will work in the family business. "

After he graduated from the Gutseriev Said Plymouth also financial courses. And in November 2015, after passing a competition, he became a member of senior management development program developed by the London Business School specifically for the tops of the Savings Bank and several major Russian companies. The Techas the year it will have six units in London, two in Moscow. Passion for learning he had inherited from his father - in an interview with Forbes Mikhail Gutseriev admitted that "always fanatically studying, doing it systematically, realizing that is useful."
His people in Glencore

His first paycheck Gutseriev Said received in the London office of international trader Glencore in February 2012. Mikhail Gutseriev and largest shareholder (of individuals) Glencore Ivan Glasenberg been familiar for over 10 years - the company has exported oil and oil products "Russneft", was one of the largest of its creditors and co-owner of several subsidiaries.

"My father gave me a recommendation, - says Said. - In England, you can not just get an acquaintance, but on his recommendation I have received the documents, was invited for an interview and then an internship. " No concessions to the new clerk was not. The first six months of the son of a billionaire, in practice, to learn the basics of accounting. "The work was tedious, - says Said Gutseriev - but through it had to go."

In the two years and eight months in Glencore young manager has worked in several divisions (with an annual salary of about £ 65,000). "It was a very good experience - to see how the West is such a powerful structure," - he says. Gutseriev has studied the investment assessment, risk assessment, was to present guidance on the benefits and dangers of the acquisition of a company. Personally, it is recognized Gutseriev Said, this work with the production assets was more interesting than pure trading. And the prospects for more. "The world is becoming more transparent, so that the margin to trade less and less," - explains CEO "Forteinvest".

Among other things, of Glencore exported to non-CIS countries with petroleum Orsk refinery, which now owns "Forteinvest". "I did in fact our same business, but on the part of Glencore, - says Said Gutseriev. - Keep track of shipments and prepayment risks are analyzed, studied the reports. "

In the summer of 2011, ie six months before the arrival of Glencore Said to, "Russneft", led by already returned from exile Mikhail Gutseriev sold the Orsk refinery "invest-torus of Kazakhstan. " The control package of the company went to Cyprus Sermules Enterprises, and it was reported to the media, owned by the son of the Kazakh Energy Minister Igor Shkolnik. The transaction amount was not disclosed then. "Orsk refinery is practically on the border with Kazakhstan and logistically," locked up "under the market of oil products supply in this country and other countries of Central Asia", - said the CEO of the company "Analysis of commodity markets" Michael Turukalov. Why, then, talking about the events of 2012, Gutseriev Said calls the Orsk refinery "is our business?" "I was trying to reduce your debt," Russneft ", which reached $ 7 billion, and therefore sold the assets, - explained in an interview with Mikhail Gutseriev Forbes. - Orsk refinery, for example, we have deduced from the group for the debts. " According to his version, in 2011, the plant purchased from "RussNeft" a member of the BIN group company "Forteinvest" - there is the, which he later headed Said.

However, Igor Shkolnik is still part of the Orsk refinery's board of directors. Get his comments for this article did not succeed. Perhaps Gutseriev's son from the London office of Glencore deitvitelno watch over the family business. He came to work every day in an office in Berkeley Street, near Buckingham Palace to 8:30 and took only one week of vacation per year.
On the ground

In the summer of 2014 after the victory of the Russian team at the Olympics and the Crimea Gutseriev Said I decided that enough of Glencore worked on, and wanted to return to Russia. "I was already a grown man, the father listened to my arguments and agreed with them," - said Said Gutseriev. In December 2014 he became CEO of the company "Forteinvest", which is engaged in oil refining and marketing of petroleum products.

Aircraft from Moscow to Orsk, located 20 km from the border with Kazakhstan, only fly three times a week. In Orenburg flights anymore, but from the provincial capital to Orsk, get three more hours on a paved road in the desert, where there are drifts in the winter. And in the Orsk broken roads have not been repaired for a long time at home, the constant smog. But here Gutseriev Said there are now no less than in London.

The main asset "Forteinvesta" - Orsk refinery (JSC "Orsknefteorgsintez & raquo;). This city-forming enterprise, on its 2500 work. According to SPARC, revenue "Forteinvesta" was 131.5 billion rubles in 2014, Orsk refinery - 9.5 billion Why such a difference.? Sales of refined products is engaged in the management company. She buys the oil market (70% - from members of the BIN "RussNeft" group and "Nephthys"), delivers it to the factory. "Forteinvest" works with the Orsk refinery on the basis of tolling "- explains Said Gutseriev. He oversees and manufacture, and the modernization program.

Over the past 10 years, the plant changed owners several times: the TNK-BP, the "Russneft" Gutseriev, that Oleg Deripaska (during opals Gutseriev Sr.). Vladimir Pilyugin which has more than 15 years, the general director of Orsk refinery, says that the new boss of the factory did not come at once - after the appointment took pause to look into the case, and at the first meeting, ask specific questions. "We were afraid that he would be a different view on the issues related to the manufacturing and construction, - Pilyugin says - but he gradually came. Not like a bull in a china shop. "

What kind of business was at Saida under control? Orsk refinery processes approximately 6 million tons of oil per year. "On the technical side, the company is hardly a modern - says Turukalov from" Analysts commodity markets. " - Their main problem - a high proportion of oil production, 27% (in 2015). This Achilles heel, which have a negative impact on the economy. To be effective, they need to increase the proportion of light oil products. "

Adopted in 2015, the tax maneuver involves the reduction of export duties on oil and increase in mineral extraction tax, which leads to an increase in domestic oil prices should stimulate and deep oil refining. In 2017, oil will be sold with a 100% duty in relation to the price of oil. State concludes with refineries quadripartite agreement (Rostekhnadzor, the Federal Antimonopoly Service, the Ministry of Energy, the company), which specifies the period of transition for products of higher level of processing. Modernization pass all refineries, many are late with the terms of the severe financial conditions. "The processing power on the stage of modernization require a huge finansirovaniya with a negative cash flow, - says the analyst of "Renaissance Capital" Ildar Davletshin. - In the last two years against the backdrop of falling oil prices refining margins fell. "

Orsk refinery modernization program began in 2011. In 2013, the plant has concluded an agreement with Sberbank on the allocation of loan financing in the amount of $ 1.3 billion - is up to 70% of the first phase of modernization needs; else puts "Forteinvest". Money Savings Bank allocates tranches, depending on the conditions. "Orsk refinery upgraded properly, on schedule," - says Ildar Davletshin. As a result, changes the plant must switch from the production of cheap oil to the production of light oil products - gasoline quality "Euro-4", "Euro-5" diesel fuel and jet fuel of the European class.
The output of light

The plant, to the right in the last year, the 80th anniversary, sparkling new chrome pipes and installations. Modernization is a non-stop production for six years. What is the contribution Gutseriev Said?

Since he took over, "Fortiernvest "increased the pace of modernization. Over the past three years it has been invested more than 24 billion rubles. According to Gutseriev, Jr., the planned volume of investments in 2016 - 20 billion rubles. Said Gutseriev agreed with Sberbank grace period - until 2018, the company does not pay the debt of the body, only the interest. He enthusiastically lists that had to do with him, have commissioned an isomerization unit, which provides almost all the products of "Euro-4" and "Euro-5", visbreaking unit, which increased refining depth to 15%, complete build hydrogen plant, which It will produce "Euro-5" diesel standard.

The most ambitious project - the construction of the hydrocracking unit, which will increase the depth of processing.

Commissioning is scheduled to take place in January 2018. "After entering the hydrocracking yield of light oil have reached 80%. Profitability increased in three times: if this year we earned 6 billion, then after entering the hydrocracking will earn 16 billion rubles. And then quietly begin to extinguish the remaining interest & mdash; 6-7 billion rubles a year, and the debt of the body - explaining this alignment, Gutseriev considerably enlivened, as a chess player, winning the party planning. - It will be six or seven years. So there will be no dividends in the near future, but the plant's capitalization has increased dramatically. "

What are the financial results of its activity year and a half? In 2015 the income of "Forteinvesta" according to Gutseriev, totaled 133 billion rubles (at the level of 2014), while EBITDA fell several times, up to 1 billion rubles. In 2016, he predicted, will remain the same revenue and EBITDA will grow to 6 billion rubles. Decrease in profit is due to the volatility of exchange rates and the impact of the tax maneuver. "If they introduce all these capacities and will mainly produce light fuel economy much improved factory" - agrees analyst Turukalov.

How do they see Sayid Gutseriev factory workers? "When you come to the factory, he does not hesitate to ask questions, - says the chief engineer of the Orsk refinery Valery Kostyuchenko. - To view the factory workers listening, it seems to me, even more than the opinion of managers in Moscow &raquo ;. Comes he usually every six to eight weeks. "Talks are always respectful, can praise - this trait he picked up at Michael Safarbekovicha", - says Vladimir Pilyugin. Top managers remember that Sayid has initiated the selection of the charity fund "Safmar" family Gutserievs 25 million rubles for the purchase of apartments for 10 oncologists, which was otherwise difficult to lure in depressive Orsk.

"Keeps word - Kostyuchenko said. - If something is agreed on the phone, and then not trying to back off. "

In 2007-2010, when Mikhail Gutseriev has lived in London, and "RussNeft" and enters it Orsk refinery controlled by Oleg Deripaska, has the task of any cost to reduce costs, says Vladimir Pilyugin. Gutseriev, according to him, the company invested. "Said M. - shareholder and can make decisions - continues Pilyugin. - Inspect once the new setting and close the old, inactive, which must be dismantled. He asks the price issue. This is 3.5 million rubles. Hired financier would not want to allocate money directly Sachwith, but he did not greedy, says, let's break down, still it is necessary. "

Delve Gutseriev-younger and relations with contractors. For example, the liquefied gas stored in the gas-filling before "Mezhregiongas" station, which took over the services of 1,200 rubles per ton. Said Gutseriev has decided that it is better to build a filling point. Spend on it 12 million rubles, the building has paid off for the year. "Today, we are on" Mezhregiongas "not addicted", - says Pilyugin.

With the arrival of younger Gutseriev paper documents fell within the company. Many meetings are held via video link from Moscow office "Forteinvest" can be online to watch the construction of plants and other processes in the enterprise.

"He did not create anything, but it operates a refinery, which three years later, after the upgrade will be the best in the country", - he says about his son Mikhail Gutseriev.


Despite the British restraint, Gutseriev Said impresses ambitious person. Prior to his arrival "Forteinvest" hardly developed neftedobyvayuschee direction. For eighteen months the company has spent more than $ 100 million for the acquisition of new assets, is now proved reserves -. 45 million tonnes in 2015 own production "Forteinvesta" on the deposits in the Orenburg Region was 250 000 tonnes, it will be 600,000 tons at the end of this year ( Compare "Nephthys" and "RussNeft" with extract 15.1 million tons of oil).

"Now, many investors are looking to small producing assets because they can be fairly cheap to buy and develop", - explains the analyst of Raiffeisenbank Alexei Polishchuk. "Maybe they're trying to build a vertically integrated company - Davletshin says of" Renaissance Capital ". - Margins in refining dropped, and in the production due to the devaluation of the remains adequate margin. If the price increase will be the other way around, so that vertically integrated companies - a more balanced model. " So far, however, the volume of domestic production is 1000 times less than what processes oil refinery. But "Forteinvest" continues to seek to absorb the assets. "Oil assets provide a certain margin," - said Said Gutseriev.

Audebut promising direction now - petrochemicals, argues Gutseriev-younger. The government actually encourages its development: delivering petrol to the final consumer, to pay the excise tax, and if petrochemical company, it is not. "Forteinvest" already considering a proposal to acquire the manufacturer of thermoplastic PET in the Kaliningrad region. "This is a big investment, but it is promising, - Said enthusiastically explains Gutseriev. - We produce more than 500 million tons of oil, and only one major player in the petrochemical industry - "Sibur".

In London Gutseriev Jr. is now happens relatively rarely, once a month. Does it help in the knowledge and skills acquired in the UK? Young businessman says that, yes, in particular the ability to assess the risks and prospects of the investment project. However, he calls up every day with his father.

Whether the young CEO manages to build relationships with checking instances, public authorities? "I am in dialogue with all - with FAS, the Ministry of Energy" - responds Gutseriev-younger. He also makes it clear that in complex withLuciano father comes to the rescue.

Working for yourself, General Director of "Forteinvest" has not lost the habit of coming to the office no later than 10 am. In England, he played football, rugby, cricket and took piano lessons. In Russia, there is time only for football on Wednesdays and Fridays and sometimes on the gym. He says he tries to at least 15-20 minutes a day and play the piano - the instrument has both at home and in the office.

In early 2015, Said became a member of the board of directors "Russneft" and "Nephthys", in addition, he owns 20% of the company, which controls "Nephthys". This formal possession, makes it clear Gutseriev senior. Son must first create something yourself, and only then get a share of the business, because other young members of the family work in Gutserievs group (coal direction, for example, headed by a cousin of Said Bilan Uzhakhov). "I've been doing the oil industry, and, perhaps, so shareholders have entrusted to me 20% - said Said Gutseriev. - Over time, my role in the company will continue to grow. "

According to Mikhail Gutseriev, BIN group's assets are now divided into cleduyuschey proportions: 50% Mikhail Gutseriev and 25% in Sait-Salam Gutseriev and Mikhail Shishkhanov. "I made my name. Those people who are engaged in the business, they know me. Therefore, I do not need anything more - recognizes the head of the family. - I'm doing a different name - the name of the creative. Said will delve more and more into the business. Once my share will be his. You can not get away. "