Alva Review-Courier -

Chinese company takes stake in Russian oil producer Rosneft


September 8, 2017

GENEVA (AP) — A Chinese company will take a 14 percent stake in Russia's powerful state oil company for 7.5 billion euros ($9 billion), illustrating the growing cooperation between the two countries in the energy sector.

Swiss commodities trader Glencore said Friday that it and Qatar Investment Authority, the rich Persian Gulf emirate's sovereign wealth fund, have agreed to jointly sell a 14.16 percent stake in Rosneft to CEFC China Energy Company Ltd.

The deal, which remains subject to final negotiations and regulatory approvals, values the shares at a premium of about 16 percent to the...

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