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.