Glencore, Qatari fund buy Rosneft stake
Russia russia-rosneft
In a reaction, Glencore confirmed that negotiations had entered the final stage, and that it would commit EUR 300 million in equity. The deal is valued at EUR 10.5 billion, and was hailed by Russian President Vladimir Putin as the “the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016.” Nonrecourse bank financing and the Qatar Investment Authority, the Qatari government’s sovereign wealth fund, will help pay for the transaction.
The acquisition, which is expected to close later this month, includes a new offtake between Glencore and Roneft. Signed for a period of five-years, the deal will add 220,000 barrels of crude for Glencore.
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