Glencore expects QIA purchase of 14.16% Rosneft stake to close in H2 2018
MOSCOW. Aug 8 (Interfax) - Glencore expects that the deal that QHG concluded with Qatar Investment Authority (QIA) in April to dispose the majority of its shares held in Rosneft , representing a 14.16% stake, to be completed in H2 2018, Glencore said in its earnings report for the first half.
"Following completion of the transaction, the margin guarantee provided by Glencore will be terminated," the company said.
Rosneft's leading shareholders are state-owned JSC Rosneftegaz (50% plus one share), BP Russian Investments Limited (19.75%) and QHG Shares Pte Ltd, a joint venture between QIA and Glencore (19.5%).
In April it was announced that QIA planned to acquire the 14.16% Rosneft stake from QHG, after a previous plans to sell the stake to Chinese CEFC were called off, against the backdrop of local media reports that said CEFC board chairman Ye Jianming was under investigation and had, possibly, even been detained.
Once the deal is transacted, QIA will have 18.93% of shares in Rosneft. Glencore will retain 0.57%.