Wednesday, December 7, 2016

Glencore and Qatar are participating in the Russian Oil company “Rosneft” – FAZ – Frankfurter Allgemeine Zeitung

Rosneft Logo at the headquarters of the oil Company in Moscow

The commodity group Glencore and the Emirate of Qatar to participate in the state-owned Russian oil producer Rosneft. For a share of 19.5 per cent, the two partners will pay € 10.5 billion, said Rosneft’s chief Executive Igor Sechin on Wednesday on Russian television. Previously

The government will retain a majority stake in Rosneft by more than 50 percent, according to the office of the President in Moscow on Wednesday evening. Glencore and Qatar’s sovereign wealth Fund held equal shares in the consortium.

For Russia, it is to date the largest privatization business. The crash of the Oil prices has the raw power plunged into a deep economic crisis, which is why the Kremlin privatized, and now partially state-owned enterprises.

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