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Russia's VTB may provide loans to Qatari fund for Rosneft shares purchase

May 07, 14:10 UTC+3 MOSCOW

"We are always ready to provide loans", the bank's CEO stated

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© Andrei Makhonin/TASS

MOSCOW, May 7. /TASS/. Russia’s second-biggest lender VTB may provide loans to Qatar’s sovereign fund QIA for purchases of Rosneft shares as part of the transaction with Swiss trader Glencore, Chief Executive Officer Andrey Kostin said Monday.

"We are always ready to provide loans," he said when asked about the possibility to provide loans.

The bank was ready to extend a 5 bln euro loan to China’s CEFC, which planned to acquire a 14.16% stake in Rosneft from a consortium of QIA and Glencore. However, on May 4, it was reported that the consortium terminated the agreement with CEFC and the stake in Rosneft would be transferred to QIA’s subsidiary.

This means QIA’s share in Rosneft will rise to 18.93%, while Glencore will retain a 0.57% stake in the company and receive around 3.7 bln euro. The agreement comes in force on May 7.

The state-owned Rosneftegaz is the main shareholder of Rosneft (50% plus one share), British BP owns 19.75%.

In January 2017, Glencore and Qatar Investment Authority entered into various agreements establishing a 50:50 consortium to acquire 19.5% of Rosneft and enter into a five-year offtake agreement with the Russian oil producer. In September 2017, the consortium concluded an agreement with CEFC China Energy Company Limited to dispose of the majority of the shares it held amounting to a 14.16% stake in Rosneft. The deal was expected to be closed by the end of 2017.

In February 2018, Glencore said the transaction with CEFC could be competed in the first half of this year.

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