china invests 91 billion in rosneft as glencore qatar cut stakes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

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

Arab Today, arab today

Arab Today, arab today China invests $9.1 billion in Rosneft as Glencore, Qatar cut stakes

China invests $9.1 billion in Rosneft as Glencore, Qatar cut stakes
Beijing - Arab Today

Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft for $9.1 billion (SR34.13 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 US imposes a new round of economic sanctions on Russia, making it difficult for large Western firms such as Glencore to develop partnerships and increase ties with state-owned firms such as Rosneft.
Glencore said in a statement that CEFC will buy shares at a premium of around 16 percent to the 30-day volume weighted average price of Rosneft shares without naming the price. A CEFC spokesman said the company would pay $9.1 billion.
Rosneft’s market capitalization stands at $57 billion and the deal makes it one of the largest investments ever made by China into Russia.
Glencore and QIA will retain stakes of 0.5 percent and 4.7 percent in Rosneft respectively.
The Kremlin has been seeking to expand its ties with China, especially since the West imposed wide-ranging sanctions on Moscow to punish it for the annexation of Crimea and an incursion into east Ukraine in 2014.
Russia tops the list of Chinese crude suppliers where it competes with its arch-rival Saudi Arabia, the world’s largest oil exporter.
Glencore and QIA agreed to buy a 19.5 percent stake in Rosneft in December 2016 for over €10.2 billion to help the Kremlin plug budget holes.
The transaction coincided with expectations of political detente between Moscow and Washington after Donald Trump became US president and pledged to improve ties with Moscow.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china invests 91 billion in rosneft as glencore qatar cut stakes china invests 91 billion in rosneft as glencore qatar cut stakes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china invests 91 billion in rosneft as glencore qatar cut stakes china invests 91 billion in rosneft as glencore qatar cut stakes

 



GMT 07:23 2017 Saturday ,16 December

Leadership congratulated by Arab, Islamic leaders

GMT 22:02 2017 Saturday ,23 September

HRH Premier congratulates Saudi Crown Prince

GMT 23:17 2017 Thursday ,08 June

Saudi-backed forces seize Aden airport

GMT 11:54 2016 Monday ,19 December

5 Taliban militants killed in Afghan eastern province

GMT 20:33 2017 Monday ,18 September

Foreign Minister attends UN reform meeting

GMT 18:19 2014 Thursday ,21 August

Al-Ibrahim: Kabad water treatment plant major project

GMT 15:35 2017 Saturday ,04 March

8 more Al-Qaeda men killed by US in Yemen raids

GMT 06:11 2017 Sunday ,29 January

Boko Haram raid kills at least 3 Nigerian soldiers

GMT 03:54 2017 Friday ,17 February

Sharjah Media Council set up through a decree issued

GMT 16:56 2017 Friday ,03 February

After oil and gas, Denmark's Dong ditches coal energ

GMT 12:38 2017 Monday ,13 February

HEIO London appoints Platform Creative

GMT 16:13 2018 Monday ,29 October

Georgia presidential election to go to runoff
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday