Russia sells stake in Rosneft to Glencore, Qatar

Rosneft, Russia’s state-owned oil company, is selling a 19.5 percent stake in the company to a consortium comprising of Glencore and Qatar Investment Authority.

According to Glencore, the consortium will pay some 10.2 billion euros for the deal. Russian government’s website, however, shows a price of 10.5 billion.

Rosneft head Igor Sechin met with Russian president Vladimir Putin on Wednesday to discuss the deal.

Putin expressed satisfaction with the deal, and congratulated Seching on making the sale.

„The deal was made on an upward trend in the price of oil and it therefore reflects on the value of the company itself,” Putin said.

The company’s controlling stake – over 50 percent – remains in the hands of the government.

According to Glencore, the company will commit €300 million in equity with the balance of the consideration for the acquisition of the Rosneft shares to be provided by QIA and by non-recourse bank financing.

The deal, Glencore says, also entails a new 5 year offtake agreement with Rosneft representing a sizeable additional 220,000 bbls/day for the Glencore Marketing business.

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 1 2 3

19th Annual Arctic Oil & Gas Symposium

CI Energy’s 19th Annual Arctic Oil & Gas Symposium has brought together hundreds…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

INTERNATIONAL PETROLEUM WEEK 2019

International Petroleum (IP) Week is a renowned and respected fixture in the annual calendar…

read more >

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply