EnergyWatch

Chinese firm buys USD 9 billion worth of Rosneft

Glencore and Qatar are selling a seventh of the state-owned Russian oil company to a Chinese conglomerate.

Photo: Gazprom

Chinese conglomerate  CEFC China Energy will invest USD 9.1 billion in the purchase of 14.16 percent of state-owned Russian oil company Rosneft. The stake will be taken over from mining company Glencore and Qatar Investment Authority (QIA), report media sources including Reuters.

The two sellers have only been co-owners of Rosneft since last December, when they spent around USD 10 billion on a 19.5-percent stake of the oil company, which Russia was selling to improve the national budget. This task had faced challenges from a combination of low oil prices and western sanctions against the country after the annexation of Crimea in Ukraine.

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