Deals
China Deepens Oil Ties With Russia in $9 Billion Rosneft Deal
- CEFC buys 14 percent stake in Rosneft for about $9 billion
- Glencore retains 0.5% holding, continues crude-supply deal
Shipping cranes stand on the harbor at the port beside the frozen River Ob in Nizhnevartovsk, Russia, on March 19, 2017.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
A closely-held Chinese oil company agreed to buy a minority stake in Rosneft PJSC for about $9 billion, deepening energy and political ties with Russia amid increasing tensions with the U.S.
The deal sees Glencore Plc and Qatar’s sovereign wealth fund selling most of their holding in Russia’s biggest crude producer, which they acquired to much fanfare in December. The commodities giant run by Ivan Glasenberg is making way for CEFC China Energy Co. -- little known even within the energy industry -- while retaining its prized access to millions of barrels of Russian oil exports.