MOSCOW (MRC) -- Global diversified miner Glencore has completed the sale of its 14.16% stake in Russian integrated energy company Rosneft to a wholly-owned subsidiary of Qatar Investment Fund (QIA) for EUR3.7-billion, as per MiningWeekly.
Glencore now 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.
As MRC wrote before, in early September 2018, South Africa’s competition watchdog approved Glencore’sroughly USD900 million bid for Chevron’s local and Botswana assets on Thursday, bolstering its chances of scuppering a rival bid from China’s Sinopec.
MRC