Glencore selling most of stake in Rosneft to Chinese company

By The Associated Press

Glencore says it is selling nearly all its stake in Russian oil company Rosneft to a Chinese energy company just nine months after the Swiss commodities trader bought it.

 

GENEVA (AP) — Glencore says it is selling nearly all its stake in Russian oil company Rosneft to a Chinese energy company just nine months after the Swiss commodities trader bought it.

The Baar, Switzerland-based commodities trader said it and Qatar Investment Authority, the rich Persian Gulf emirate's sovereign wealth fund, have agreed to jointly sell a 14.16 percent stake in Rosneft to CEFC China Energy Company Limited, at a premium of about 16 percent compared to an average weighted price of the shares over the last 30 days.

Glencore said Friday that the deal was pending based on final negotiations and regulatory approvals.

The deal comes about nine months after QIA and Glencore took a stake in Rosneft, a deal billed by the Kremlin as the privatization of the Russian oil giant.

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