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Glencore expects deal on purchasing stake in Rosneft to close in mid-December

December 08, 2016, 2:03 UTC+3

"Glencore confirms that it is in final-stage negotiations regarding a transaction involving the acquisition," the company said in a statement

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LONDON, December 8. /TASS/. Glencore expects the deal on purchasing a stake in Rosneft to close in mid-December, the trader company said in a statement released on Wednesday.

"Once the transaction is entered into, it will be conditional on the subsequent finalisation of all relevant financing, guarantee and other agreements and would be expected to close in mid-December," Glencore said in a statement.

"Glencore confirms that it is in final-stage negotiations regarding a transaction involving the acquisition, as part of a consortium with the Qatar Investment Authority (the Consortium), of a 19.5% interest in the issued share capital of Rosneft for €10.2 billion (the Shares)," the company said.

"Under the proposed arrangements, Glencore would commit €300 million in equity (the Glencore Equity) with the balance of the consideration for the acquisition of the Shares to be provided by QIA and by non-recourse bank financing," the statement added.

"New 5 year offtake agreement with Rosneft representing a sizeable additional 220,000 bbls/day for the Glencore Marketing business," the statement said.

US and EU financial and technological sanctions imposed on Rosneft do not formally ban US and European companies from purchasing a stake in Rosneft. However, many players from the United States and European Union were wary about investing in the shares of the Russian oil giant, assessing their risks as too big.

On Wednesday, Rosneft’s head Igor Sechin said at the meeting with Russian President Vladimir Putin that the deal on selling a 19.5% stake in Rosneft for 10.5 billion euro has been completed. The consortium of Glencore trader company and Qatar’s sovereign find became a strategic investor.

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