Consortium QIA and Glencore will sell 14.16 percent of Rosneft shares of the Chinese CEFC

The QHG Oil consortium, which includes Glencore and Qatar Investment Authority, signed an agreement with the Chinese China Energy Company Limited on the sale of 14.16 percent of Rosneft shares, Interfax said . As the head of the Russian company Igor Sechin explained, the Chinese company redeems that part of the Consortium package to Rosneft, under which a loan was taken.

The transaction involves a prize of 16 percent to the average price of shares in 30 days. After its completion, Glencore and Qia will remain shareholders of Rosneft with shares of 0.5 and 4.7 percent, respectively.

This week, Rosneft and CEFC signed an agreement on strategic cooperation and a long -term contract for the supply of oil. As Sichin noted, an oil supply contract was concluded for a five -year term, and the agreement involves the development of project partnerships in Eastern Siberia. The document also provides for the interaction of companies in areas such as oil refining and petrochemistry, trade in oil and oil products.

In mid -June 2016, Bloomberg reported that Sechin intends to sell the state of shares of Rosneft from China and India .

However, as a result, Glencore and Qatar Investment Authority became buyers of 19.5 percent of Rosneft shares, which created the QHG Oil consortium specifically for this. On December 8 last year, Sechin, at a meeting with President Vladimir Putin, announced the completion of a transaction for the sale of a stake in Rosneft for 10.5 billion euros.

After that, the negotiations were repeatedly reported that the QHG Oil is in order to sell part of the Rosneft package or an additional emission of its shares in order to attract new investors.