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Glencore, Qatar complete deal to dissolve consortium holding Rosneft stake

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Glencore, Qatar complete deal to dissolve consortium holding Rosneft stake

Glencore PLC officially dissolved its Rosneft-stake consortium with Qatar Investment Authority after transferring its 14.16% stake in the Russian state-owned company to a wholly owned subsidiary of Qatar Investment, as agreed upon earlier.

Glencore and Qatar Investment now hold a direct stake in Rosneft of 0.57% and 18.93%, respectively.

The margin guarantees provided by Glencore have also been terminated, according to a Sept. 7 release.

In May, the consortium dropped their plans to sell a US$9.1 billion stake in Rosneft to CEFC China Energy Co. Ltd.