CEFC China Energy Co. Ltd., Shanghai, has agreed to buy 14.16% of the share capital of Rosneft from a combine of Glencore, Baar, Switzerland, and Qatar Investment Authority (QIA).
CEFC says it is China’s largest private oil and gas company. The agreed purchase price represents a 16.1% premium to the Russian company’s recent stock-market valuation.
After completion of the deal, Glencore will retain about 0.5% of Rosneft shares, and QIA will retain 4.7%.