Investments
China to have shares in Russia's oil giant Rosneft
- Transaction is expected to be completed for $9.1 billion

The consortium controlled by Glencore and Qatar Investment Authority has concluded an agreement with China Energy Company Limited (CEFC) for selling 14.6 stakes in Rosneft, a statement from Glencore said Friday.

The transaction is expected to completed for $9.1 billion.

The transaction is conditional on the consortium electing to proceed following the completion of final negotiations and on receipt by CEFC of all necessary regulatory approvals, the statement said.

Following the transaction, Glencore and QIA would retain an economic interest in Rosneft shares commensurate with their original equity investment announced in December 2016, which amounts to approximately 0.5 and 4.7 percent respectively, according to the statement.

Glencore and Qatar Investment Authority purchased Russia's 19.5 shares in Rosneft for €10.5 billion in December, 2016.

After the announcement of transaction, Rosneft shares gained 3.17 percent value at Moscow Exchange.

Reporting By Emre Gurkan Abay in Moscow

Writing By Nuran Erkul

Anadolu Agency

energy@aa.com.tr

 

09 Sep,2017
INVESTMENTS NEWS