CEO: Glencore may increase stake in Russia’s Rosneft

VERONA, Oct 19 (PRIME) -- Swiss commodity trader Glencore does not rule out raising its stake in Russian oil major in future, CEO Ivan Glasenberg said in a news conference on Thursday.

“First, our investment is a long-term investment, and we may even boost the stake at some moment. But we like our investment, we like Rosneft, we have good cooperation in trading,” he said.

“We are looking at further development of cooperation, both in Russia and abroad, both in trading and in joint investment. In particular, we study possibilities for joint investment with the Qatari fund.”

Glencore and Qatar’s sovereign fund Qatar Investment Authority (QIA) bought 19.5% in Rosneft in December 2016 during the company’s privatization. On September 8, Glencore said that it will sell 14.16% in Rosneft together with the QIA to China’s CEFC, with stakes of Glencore and the QIA in the Russian company falling to 0.5% and 4.7%, respectively.

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