Chinese Energy Company buys from Qatar 14 % share in Rosneft

11/09/2017 14:55 Oil Market

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Chinese energy company is ready to pay around $9 billion for 14% share in Russian oil giant PAO Rusneft. 

As reported on Friday by Swiss commodity and trader Glencore the deal offers to CEFC China Energy Co. a 14.2% stake in Rosneft. 

 

Rosneft Chief Executive Igor Sechin voiced that the high cost of servicing the debt behind the consortium's investment determined the Glencore and Qatar to seek another investor. Glencore will still have in possession 0.5% share in Rosneft and Qatar - 4.7% stake.

 

According to the Rosneft official the taken step is considered as a significant event for the company, which has reshaped its structure. He was also punctuated that the company’s leadership is happy that the share purchaser is a Chinese corporation. 

 

CEFC is a private company dealing with energy trade, founded in 2002. It has substantially increased its international presence in the last years, the fact could be confirmed by the company’s consent to pay $100 million and provide $175 million in debt financing for a 19.9% stake in New York financial services firm Cowen Group Inc. 


It has also been speculated that Japanese investors were interested in buying a share in Rosneft.
 

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