Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Oppo Joins Scramble to Develop In-House Phone Chips
Alibaba Watches the Skies, Tencent Hires Privacy Experts
Xiaomi-Backed Cleaning Robot Startup Vacuums Up $563 Million in Latest Funding Round
LATEST
Alibaba Watches the Skies, Tencent Hires Privacy Experts
Xiaomi-Backed Cleaning Robot Startup Vacuums Up $563 Million in Latest Funding Round
Oppo Joins Scramble to Develop In-House Phone Chips
U.S. Senate Calls TikTok to Testify on Minors’ Safety
Ericsson Rethinks China Market Strategy as Revenue Dives
Xpeng-Backed Flying Car Startup Gets Bumper Series A Investment
Xiaomi Aims to Begin Mass Production of Electric Vehicles in 2024
Xi Vows to Support Healthy Development of $6 Trillion Tech Sector
Beijing Gets Green Light to Open VPN Services to Foreign Investors
Top Electric Car Battery-Maker CATL Signs Up New U.S. Customer
Tech Insider: Sogou Founder Splits, SAIC Turns Sod on Hydrogen Truck Plant
Chinese Vaccine Startup Seeks Hong Kong Listing as Delta Fuels Demand
ByteDance Pushes Into Property With New Real Estate Broker’s License
Xiaomi Takes Lead in Central and Eastern Europe’s 5G Smartphone Market
TSMC Weighs Response to U.S. Call for Supply Chain Disclosures
Short Video App Kuaishou Restructures in Bid to Stem Losses
Tech Giants Talk Up Their Contributions to China’s ‘Common Prosperity’
Smartphone Brand Honor Restores Its Fortunes Now That It’s Free of Huawei
Smartphone-Maker Xiaomi Bets Bigger on Smart Cars
China’s Tighter Tech Laws Could Stymie U.S. Demands for Data Handover, Legal Expert Says

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

Photo: VCG

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.

Share this article
Open WeChat and scan the QR code