MOSCOW, Apr 3 (PRIME) -- China’s CEFC has decided to complete an U.S.$9.1 billion acquisition of a 14.16% stake in Russian oil major Rosneft, business daily Vedomosti reported on Tuesday, citing sources.
CEFC China Energy bought the stake from a consortium comprising Swiss trader Glencore and the Qatar Investment Authority (QIA) in 2017 but completion of the deal stuck after CEFC hit a snag while borrowing to pay for it, according to earlier media reports.
CEFC head is now investigated on suspicions of committing economic crimes.
The company was to pay Glencore and QIA 20% of the price on March 31.
A source told Vedomosti, “A decision to continue and close the deal was made several days ago in China at the highest level.” The deadline of the payment was postponed for 10 or more days, the sources said.
However, Glencore and QIA have found another contender for the stake in case the CEFC deal fails.
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