The CEFC company bought the majority shareholding of the consortium Glencore-QIA.
The Chinese company CEFC buys 14,16% of Rosneft shares from a consortium that includes Swiss Glencore and the Qatari investment Fund QIA. While Glencore and QIA will retain a stake in Rosneft, at the rate of 0.5% and 4.7%, respectively.
About it writes RBC with reference to the Glencore published on the website of the London stock exchange.
Stocks sell at an average price over the last month with a premium of about 16%.
The head of “Rosneft” Igor Sechin has confirmed the deal, saying that the company welcome the entry of the Chinese company, the shareholders.
“For us this is a serious event, which generally forms the final shareholding structure of the company. We are glad that it was a Chinese Corporation. We hope that the partner will give the possibility of obtaining synergy from the cooperation,” said Sechin in an interview with TV channel “Russia 24”.
Sechin also said that most of the purchased at the end of 2016 shares of “Rosneft” (19,5%), a consortium of Glencore and QIA purchased with borrowed funds, but in recent years to repay the loan was too expensive. “Volatility in the financial markets has led to a serious devaluation of the dollar against the Euro, and the cost of servicing this loan has become quite serious. In this regard, the consortium comprising Qatari Fund and Glencore agreed to find an additional partner in order to secure direct possession of these shares without the credit burden,” – said Sechin.
The CEFC and Rosneft partner for exploration the exploration and production of oil in Eastern and Western Siberia, and they have also signed a contract to supply Russian crude oil.
Chinese energy company CEFC was established in 2002 and operates in the energy and financial services. On the website, the company notes that it seeks to increase its influence in the energy industry and, following the state’s energy strategy, gaining domestic and foreign markets.
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