Exec: Qatar may raise stake in Russia’s Rosneft above 20%

KRASNOYARSK, Jun 21 (PRIME) – Qatar wishes to increase its stake in Russian oil major Rosneft to more than 20%, Faisal Alsuwaidi, a member of Rosneft’s board of directors representing QHG Oil Ventures Pte. Ltd. – a consortium of Swiss trader Glencore and Qatar Investment Authority (QIA), told reporters on Thursday.

“Rosneft is a good investment and we may raise it to above 20%,” he said.

Qatar’s sovereign fund QIA does not have plans to raise the stake, he added.

Glencore CEO Ivan Glasenberg said that the company and the QIA were discussing the sum of a non-redeemable prepayment that China’s CEFC transferred previously for 14.16% in Rosneft.

When asked whether the prepayment amounts to U.S. $400 million, Glasenberg said, “I cannot name the exact sum. You are close to the figure, but it is still under discussion, we are to adjust it with CEFC.”

The consortium of QIA and Glencore, which bought 19.5% in Rosneft during privatization in 2016, announced a sale of 14.16% in the company to China’s CEFC in 2017. In May 2018, the consortium decided to terminate the agreement with CEFC and to move to direct shareholding, with QIA holding 18.93% in Rosneft and Glencore 0.57%.

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