CEFC to pay 3.9 bln euros, $4.6 bln for 14.16% in Russia’s Rosneft

MOSCOW, Oct 16 (PRIME) -- China’s CEFC will pay 3.906 billion euros and an equivalent of U.S. $4.576 billion to a consortium of Swiss commodity trader Glencore and Qatar’s sovereign fund Qatar Investment Authority (QIA) for 14.16% in Russian oil major Rosneft, Glencore said in a statement on Monday.

The consortium plans to spend the entire sum to redeem a loan provided by Italy’s Intesa Sanpaolo S.p.A. and by several Russian banks for the December 2016 purchase of 19.5% in Rosneft.

On September 8, Glencore said that the stakes of the company and the QIA in Rosneft will amount to 0.5% and 4.7%, respectively, after the sale of 14.16% to CEFC. Rosneft said later that it expects Russian and Chinese regulators to approve the deal until the end of 2017.

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