KEYFACT Energy
Global mining company Glencore has completed the divestment of its 14.16% interest in the Russian oil and gas company Rosneft to a wholly-owned affiliate of Qatar Investment Fund (QIA). As a result, Glencore and QIA respectively hold 0.57% and 18.93% of Rosneft.
As a result of the transaction, the Consortium arrangements have been terminated and Glencore holds a direct equity stake in Rosneft of 0.57% and QIA holds a direct equity stake in Rosneft of 18.93%. The margin guarantees provided by Glencore have been terminated.
Rosneft's sale to private investors and companies was part of its privatization and encompasses exploration of hydrocarbon deposits, oil and gas production, processing and marketing.