Source: Russia approves QIA's purchase of 14% in Rosneft

MOSCOW, Aug 31 (PRIME) – A Russian government commission for foreign investment control has approved the purchase of a 14.16% stake in oil major Rosneft by sovereign fund Qatar Investment Authority (QIA), a government source told reporters on Friday.

“This decision has been made really not long ago,” the source said.

A consortium of QIA and Swiss trader Glencore, which bought 19.5% in Rosneft during privatization in 2016, announced the sale of 14.16% of the stake 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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