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China invests $9.1 bn in Rosneft as Glencore, Qatar cut stakes

Glencore and QIA will retain stakes of 0.5% and 4.7% in Rosneft respectively

Reuters  |  Moscow/Beijing 

Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft for $9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world's second largest energy consumer, to boost cooperation with the world's top oil producer. The deal comes as the United States imposes a new round of economic sanctions on Russia, making it ...

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First Published: Fri, September 08 2017. 19:51 IST
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