Qatar picks up pieces of CEFC Rosneft deal

Multinational

BAAR, May 7, 2018 – Qatar Investment Authority is set to assume ownership of an 18.93% interest in Rosneft after a deal with China’s CEFC fell apart, consortium partner Glencore announced on Friday.

Glencore will retain a 0.57% stake in Rosneft after the consortium between the two companies, set up for the purpose of the sale in late 2016, is officially dissolved. The commodity trader offered no reason for the termination of the USD 9.1-billion CEFC deal in its press release, though the Chinese company is undergoing restructuring and its founder came under investigation for alleged economic crimes in February.

“The transaction is subject to a number of conditions in favour of [Qatar Investment Authority] and regulatory approvals,” Glencore added.

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