Glencore, Qatar Commit $3 Billion in Equity to Rosneft Stake
- Russia sells 19.5% stake to No. 2 oil trader, wealth fund
- Rosneft leaves door open for more deals with the two investors
Russia Sells $11B Rosneft Stake to Glencore, Qatar
Glencore Plc and Qatar’s sovereign wealth fund are using 2.8 billion euros ($3 billion) in equity and $7.8 billion in financing from a bank consortium led by Italian lender Intesa Sanpaolo SpA to buy their stake in Russian oil company Rosneft PJSC.
The financing will be backed by the two companies’ shares in the oil group, Rosneft said in a statement on Saturday. Glencore had already said Wednesday that it’d invest 300 million euros in equity, leaving Qatar, the largest shareholder in the commodities trader, shouldering about $2.7 billion for the 19.5 percent stake in the oil company. Glencore said late Saturday that Russian banks will guarantee up to 1.4 billion euros of financing, without disclosing their names.