Swiss-Qatari combine to buy Rosneft stake

Glencore PLC and Qatar’s sovereign wealth fund plan to buy a 19.5% interest in Rosneft for €10.2 billion.

Glencore, of Baar, Switzerland, confirmed the combine is in “final-stage negotiations” for the transaction.

The Swiss natural-resources conglomerate plans to commit €300 million in equity. The balance will come from Qatar Investment Authority and nonrecourse bank financing.

The deal includes a 5-year offtake agreement of 220,000 b/d for Glencore’s marketing business.

Glencore said the transaction also provides “additional opportunities, through a strategic partnership, for further cooperation, including infrastructure, logistics, and global trading.”

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