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CEFC China Energy buys $9b stake in Rosneft
Transactions - SEPTEMBER 11, 2017

CEFC China Energy buys $9b stake in Rosneft

by Andrea Waitrovich

CEFC China Energy has plans to acquire a 14.16 percent stake in Russian state-controlled oil company Rosneft for $9 billion.

The seller was a consortium of Glencore and the Qatar Investment Authority, which acquired a 19.5 percent stake in Rosneft in December.

After the sale, Glencore would hold 0.5 percent of the group and the QIA would have a 4.7 percent stake. Glencore will also still hold an offtake agreement with Rosneft for up to 220,000 barrels a day after the sale.

The transaction is viewed as another move that strengthens the energy ties between China and Russia.

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