Rosneft Pleased With Stake Purchase by Chinese Company – CEO

Rosneft Pleased With Stake Purchase by Chinese Company – CEO
Sputnik/ Konstantin ChalabovBusiness21:38 08.09.2017Get short URL114710

Russia’s energy company Rosneft is satisfied that a Chinese company bought a part of its shares and expects that the cooperation would be fruitful, the Rosneft CEO said Friday.

MOSCOW (Sputnik) — The news comes after the Glencore company announced earlier in the day that it and the Qatar Investment Authority (QIA) had sold a 14.16-percent stake in Rosneft to China’s CEFC. Later in the day, Sechin confirmed the move.

“It is an important event for us, which finalizes the ownership structure of the company at large. We are glad that it has become a Chinese company. We hope that this partner would allow us to have synergy from cooperation,” Sechin told the Rossiya 24 broadcaster in an interview.

The Rosneft official added that CEFC had obtained the shares bought by the Consortium of Glencore and the QIA with the use of money borrowed from European banks.

Sechin added that the Chinese company would also participate in several Rosneft projects, including the ones implemented in eastern Siberia and the accord would not harm the Russian company’s ties with its traditional partners.

In December 2016, the Glencore-QIA Consortium purchased 19.5 percent of Rosneft’s shares. The sum of the deal amounted to 692 billion rubles ($12.13 billion at the current exchange rates). Part of the shares was purchased with the use of money borrowed from European banks, such as Intesa from Italy.