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Glencore, Qatar grab controlling stake in Russian oil giant Rosneft for US$11.5B

Glencore Plc and Qatar Investment Authority have jointly spent about US$11.5 billion to grab a 19.5% stake in Russia's state-run oil giant Rosneft, Reuters and Sputnik reported Dec. 23.

Russian President Vladimir Putin confirmed that the country received the consideration, adding that the controlling stake will have a positive impact on Rosneft's management.

"Foreign companies have already transferred their whole share, which is over 700 billion rubles [some US$11.5 billion]," Putin was quoted as saying at his annual year-end press conference.