Deals
Russia Sells $11 Billion Stake in Rosneft to Glencore, Qatar
- Glencore, Qatar state fund to split 19.5% stake in Rosneft
- Deal is biggest investment in Russia since Ukraine crisis
Russia Sells $11B Rosneft Stake: Who Stands to Benefit?
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Commodity trader Glencore Plc and Qatar’s sovereign wealth fund agreed to buy a 10.2-billion euro ($11 billion) stake in Russia’s largest oil producer from the state in a triumph for President Vladimir Putin over sanctions imposed by the West.
The surprise deal gives the buyers a 19.5 percent stake in Rosneft PJSC, which the U.S. and European Union have targeted with punitive measures, and is the biggest foreign investment in Russia since the crisis in Ukraine. It also marks a stunning return to deal-making for Glencore Chief Executive Officer Ivan Glasenberg a little more than a year after his company was forced to raise cash from shareholders.