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Glencore completed the sale of 14.16% stake in Rosneft to the QIA

Glencore completed the sale of its 14.16% stake in Russian Rosneft to the QIA for €3.7-billion.

Glencore completed the sale of 14.16% stake in Rosneft to the QIA


Baar (Switzerland) , September 7 - Neftegaz.RU. The Glencore commodities giant has completed the sale of its 14.16% stake in Russian Rosneft to the one of the top-10 largest investment funds in the world - Qatar Investment Authority (QIA) - for approximately €3.7-billion, the company said in a statement.

 

As a result of the transaction, the consortium arrangements have been terminated and Glencore holds a direct equity stake in Rosneft of 0.57% and QIA holds a direct equity stake in Rosneft of 18.93%.

 

The Glencore-QIA consortium agreed to jointly acquire a 19.5% stake in Rosneft in December 2016, which helped the Russian government to meet a target for privatisation proceeds. They then cut a deal to sell most of those shares on to Chinese conglomerate CEFC, but in May this year the deal collapsed and QIA stepped in to buy the consortium’s stake.

 

A deal Glencore struck to buy 220 000 bbl/d of crude from Rosneft remains in place.

 

To read the full story in Russian.

 

Source : Neftegaz.RU