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Rosneft Announced New Partnership
January 5, 2017 23:09

The transaction of the purchase of a 19.5 percent stake in the “Rosneft” company by a consortium consisting of the Glencore oil trader and the Qatar Investment Autority (QIA) sovereign fund has been closed. This is stated in the message of Glencore published on Tuesday, January 3 under the title “New Strategic Partnership between Glencore and Qatar Investment Authority Associated with “Rosneft “.

“The company reports that the final settlement is complete and the transaction has been closed, which was mentioned in the press release as of 10 December 2016” - the document noted. The agreement on the sale of “Rosneft” shares to the international consortium consisting of QIA and Glencore was signed on December 10.

Securities acquisition was financed from own funds of investors and bank financing. Own capital of investors in the acquiring company amounted to 2.8 billion euros. The main creditor of the consortium, alongside with a number of banks, was Banca Intesa Sanpaolo.

On December 16 the Head of “Rosneft” Igor Sechin told to the Russian President Vladimir Putin about the transfer of money received from the privatization of the company to the budget. On the same day “Rosneftegaz” announced the receipt of funds from the sale of a 19.5 percent stake of “Rosneft” in the amount of 710.8 billion roubles.


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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