26 May 2014 09:40

Glencore concerned that Rosneft is setting up its own trader

ST. PETERSBURG. May 26 (Interfax) - Glencore, the world's largest commodity trader, is concerned that oil company Rosneft is setting up its own trading company, but hopes they can continue to work together.

Glencore energy department chief, Alex Beard, said at the St. Petersburg Economic Forum that he was concerned that Rosneft was setting up its own trading company and that it was going into Latin America. He said he hoped that while Rosneft still needed Glencore they would continue to work together. He said it was the trading companies that greased the wheels of the economy.

Rosneft plans to set up its own energy trader on the basis of assets sold by Morgan Stanley.