Failed Rosneft Deal Costs CEFC China a Quarter-Billion

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By Han Wei / Nov 21, 2018 02:30 AM / Finance

Photo: VCG

Once seen a key move to center stage in the international oil market, CEFC China’s unfulfilled acquisition of a stake in Russian oil giant has put a quarter-billion dollar bite on the embattled energy conglomerate.

CEFC China paid $257 million as compensation to the would-be sellers of the Rosneft interest, a consortium of Qatar Investment Authority (QIA) and Glencore, according to Reuters. The news service cited a financial document filed by QHG Holding, a shareholder of Rosneft backed by QIA and Glencore.

Privately owned CEFC China made an international splash in September 2017 by offering $9.1 billion to buy 14.2% of Rosneft from QIA and Glencore. But the deal stalled as CEFC China was wracked by graft investigations and a debt crisis.

CEFC China’s founder and Chairman Ye Jianming was placed under investigation by Chinese authorities over suspected economic crimes earlier this year, Caixin reported in March.

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