Glencore, QIA close deal on purchase of Rosneft stake

In early Dec., Rosneftegaz and a consortium incorporating the QIA and Glencore signed an agreement for the sale of 19.5% of Rosneft stake for EUR10.2 bln
Glencore, QIA close deal on purchase of Rosneft stake
04 January 10:08 2017 Print This Article

Swiss trader Glencore and Qatar Investment Authority (QIA) have closed the deal purchasing 19.5% stake in Russian state-run oil company Rosneft, Glencore has said in a statement.

“The Company announces that final settlement has been completed and closing achieved for the transaction described in its release of 10 December 2016,» cites RIA Novosti the company’s statement titled ‘New strategic partnership between Glencore and Qatar Investment Authority.’

That day, Rosneftegaz and a consortium incorporating the Qatar Investment Authority and Glencore signed an agreement for the sale of 19.5% of Rosneft stake for 692 bln rubles (EUR10.2 bln).

Lately, the Swiss trader announced that it would pay out of its funds around EUR300 million and QIF would provide another EUR2.5 bln, while the rest of the amount will be financed by a pool of banks (including Russian banks) led by the Italian Intesa Sanpaolo.

As a result of the deal, a total of 710.8 bln rubles, including 18 bln rubles worth of extra dividends of Rosneftgaz were transferred to the Russian budget.

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