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.”