The Chinese conglomerate CEFC China Energy will purchase a 14.16% stake in the Russian state-run company Rosneft from QHG, a consortium of Glencore and the Qatar Investment Authority (QIA) for US$9.1bn. Once the current transaction is completed, Glencore and the QIA will retain stakes of 0.5% and 4.7% respectively.
This agreement strengthens the energy partnership between the two companies, which have been increasing their cooperation in the last months. Previously in September 2017, Rosneft and CEFC China Energy have signed a cooperation agreement and a contract for the supply of Russian crude oil to China.
Rosneft`s share in oil production approximates 40% in the Russian Federation and 6% globally.
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