19 Jun 2018 13:18

QIA petition to buy 14.26% of Rosneft still being worked on - FAS

MOSCOW. June 19 (Interfax) - A petition from Qatar Investment Authority (QIA) to increase its stake in Rosneft is still being worked on, the Deputy Head of the Federal Antimonopoly Service (FAS) Andrei Tsyganov told journalists.

"It's in progress. In any case, the final decision will be made by the government commission [on foreign investment]," he said.

Responding to a question on whether the petition will be considered by the government commission in the near future, Tsyganov said: "I think so, yes."

He also said that the draft order on the new membership of the government commission for foreign investment has been prepared and has been submitted to the government for approval. "The draft order is ready. It's with the government. We hope that we'll have the new commission soon and then we will be able to start preparing for the next meeting," Tsyganov said.

A consortium of Glencore and QIA terminated an agreement with China Energy Company Limited (CEFC) on the sale of 14.2% in Rosneft in April.

The consortium, which was created in December 2016 to buy a 19.5% stake in Rosneft, agreed to disband at the same time. The stake which was due to be sold to CEFC will be obtained by QIA which will end up with 18.93%.

Glencore will hold on to 0.57% of the Russian oil giant and will fetch around 3.7 billion euros in the deal with QIA.