Glasenberg Emerges From Rosneft Flip With Oil Deal and Medal
- CEFC purchase gives ’final form’ to Rosneft structure - Sechin
- Glencore gets trading boost, political clout for minimal cost
Preparations Ahead Of The Saint Petersburg International Economic Forum 2014
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Nine months after surprising the world with an $11 billion venture to buy a stake in Russia’s state oil company, Glencore Plc is selling most of it and emerging from the deal with a valuable crude supply contract and political ties in Moscow burnished.
The companies announced on Friday that the Glencore-Qatar consortium would sell the bulk of its stake in Rosneft PJSC to CEFC China Energy Co., a little known but rapidly expanding Chinese conglomerate. CEFC would become the third-largest shareholder in Russia’s state oil champion after the Russian state and BP Plc, while the Qatar Investment Authority would retain a 4.7 percent stake.