glencore qatar finalise rosneft deal
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Glencore, Qatar finalise Rosneft deal

Arab Today, arab today

Arab Today, arab today Glencore, Qatar finalise Rosneft deal

A deal leaves Glencore with 0.5 percent and Qatar's fund
Geneva - AFP

The consortium controlled by commodities giant Glencore and Qatar's sovereign fund announced a 7.8 billion-euro deal Monday to sell a 14-percent stake in Russian oil giant Rosneft to Chinese conglomerate CEFC.

The sale would yield about 4 billion euros ($5 billion) plus "the amount of euros arising from the conversion" of $4.6 billion into euros "at a five day average exchange rate at the date of payment," Glencore said in a statement.

The deal leaves Glencore with 0.5 percent and Qatar's fund with 4.8 percent in the Russian oil company.

The money will principally be used to pay down the financing the consortium received from Italian banking group Intesa Sanpaolo and Russian banks in December 2016, when it purchased Rosneft shares.

When the deal was initially announced on September 8, the parties involved had not communicated a sale price or why the consortium had decided to sell a major part of a stake it had only recently acquired.

At the time, Rosneft chief Igor Sechin said the consortium had run into trouble with financing the major part of that stake.

Rosneft sold the 19.5-percent stake in late 2016 in a surprise deal as part of Russia's privatisation drive -- and as a way to prop up the Russian budget which had been hit by falling oil prices.

The purchase price of 10.5 billion euros was shared equally by Glencore and the Qatar Investment Authority (QIA).

"Glencore and QIA will each retain an economic interest in Rosneft shares commensurate with its original equity investment," Glencore said.

The deal leaves the Russian state controlling just over 50 percent of the country's largest oil firm, with Britain's BP retaining the largest minority share with 20 percent.

Chinese group CEFC, among the country's top 10 private companies, has spent in recent years about 20 billion koruna ($915 million, 775 million euros) to acquire stakes in a Czech airline, a brewery, two media groups and a top football team.

The deal is still subject to regulatory oversight.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

glencore qatar finalise rosneft deal glencore qatar finalise rosneft deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

glencore qatar finalise rosneft deal glencore qatar finalise rosneft deal

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday