Caixin
May 05, 2018 02:48 AM
BUSINESS & TECH

Qatar Steps In to Rescue Rosneft’s Troubled Stake Sale to China

Qatar is taking a nearly 19 percent stake in Rosneft, rescuing the Russian oil major from its stalled deal to sell a major stake to China's CEFC.

Glencore, a Swiss mining giant, said it has sent a notice to CEFC to terminate plans to sell a $9.1 billion stake in Rosneft, according to a statement on Friday.

Qatar's sovereign investment fund QIA initially bought 19.5 percent in Rosneft together with Glencore for 10.2 billion euros ($12.2 billion) during the Russian firm's partial privatization in 2016.

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