Glencore, QIA cancel deal to sell 14.16% in Rosneft to CEFC

MOSCOW, May 4 (PRIME) -- The consortium of Swiss commodity trader Glencore and the Qatar Investment Authority (QIA) has notified China’s CEFC of termination of an agreement to sell a 14.16% in Russian oil major Rosneft, Glencore said in a statement on Friday.

“The consortium has today sent a notice to CEFC to terminate that agreement in accordance with its terms and accordingly that proposed sale will no longer proceed,” the statement read.

CEFC said in September 2017 that it would buy the stake to strengthen energy ties between Moscow and Beijing.

Glencore also said that the members have agreed to dissolve the consortium set up in December 2016 for the purposes of acquiring a 19.5% stake in Rosneft.

“At that point, Glencore will retain an equity stake in Rosneft shares commensurate with its original equity investment announced in January 2017, which amounts to 0.57%, and QIA will hold an equity stake of 18.93%,” it added.

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