Deals
Qatar Steps In to Buy Rosneft Stake After China Deal Collapses
- Qatar’s QIA to have 19 percent stake in state-run oil company
- China’s CEFC has been under increasing scrutiny in Beijing
A worker passes an oil drilling rig and drill pipes, operated by Rosneft PJSC, in the Samotlor oilfield near Nizhnevartovsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Qatar emerged as a major shareholder in Rosneft PJSC on Friday after a $9 billion deal to sell a stake in Russia’s state-run oil producer to China’s troubled CEFC Energy Co. collapsed.
Qatar Investment Authority stepped in after the sellers -- a consortium of QIA itself and mining giant Glencore Plc -- told CEFC it wouldn’t proceed with the original deal announced in October. A statement issued by Glencore didn’t explain why they were canceling the sale, but CEFC has been struggling with debt.