Qatar And Glencore Scrap Plan To Sell Rosneft Stake To CEFC

(RTTNews) - Glencore Plc (GLCNF.PK, GLNCY.PK, GLEN.L) announced that Glencore-QIA Consortium has sent a notice to CEFC to terminate that agreement originally put in place in December 2016 for the purposes of acquiring a 19.5 precent stake in Rosneft and will take direct ownership of the underlying Rosneft shares. Glencore will retain a 0.57 percent holding in Rosneft. Qatar will pay Glencore about 3.7 billion euros for the shares it's acquiring.

Glencore said that the Consortium has entered into an agreement to transfer a 14.16 percent stake in Rosneft to a wholly owned subsidiary of QIA the consideration for which will to be used for the settlement of the Consortium's liabilities. This agreement will become effective on 7 May 2018. After the new deal, Qatar Investment Authority will own 18.93 percent of Rosneft.