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0Russia Sells 19.5% Stake in Rosneft
- New Europe Investor
- December 11, 2016
Russian oil giant, Rosneft has sold a 19.5% stake to Glencore and The Qatari Sovereign Wealth Fund.
It is said that both firms have taken an equal stake in the oil company founded in 1993. The Russian state still maintains a majority stake in Rosneft through the state owned company, Rosneftegaz.
The sale is said to have generated 10.5 billion euros and was hailed by Russian President, Vladimir Putin as the largest energy deal of 2016.
It is also the largest foreign direct investment into Russia since relations with the west began to falter in 2014, following Russia’s actions in Ukraine and the subsequent sanctions by the west.
Italy’s Intesa Sanpaulo will provide the debt financing for the bulk of the 10.5 million euros.
The terms of the deal include Rosneft’s commitment to supply Glencore with 220,000 barrels of oil a day.
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