Russia: Oil Business Qatar and Glencore Sell Stakes in Rosneft to Chinese Investor
Rosneft's leading figure, Igor Sechin, in an interview with Itartass, confirmed that the Chinese conglomerate CEFC has bought a large share of Glencore's recently acquired stake in Rosneft.
Moscow/Russia — Glencore said in a statement that CEFC will buy shares at a premium of around 16 % to the 30-day volume weighted average price of Rosneft shares without naming the price. A CEFC spokesman said the company would pay $ 9.1 billion.
The acquired share accounts for 14.16 % in the Russian oil company. Glencore and Qatar Investment Authority will retain stakes of 0.5 % and 4.7 % in Rosneft respectively.
Rosneft’s market capitalization stands at $ 57 billion and the deal makes it one of the largest investments ever made by China into Russia, Reuters reports.