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在线翻译:
szdaily -> World Economy
China in $9.1b Rosneft deal
    2017-September-11  08:53    Shenzhen Daily

CHINESE conglomerate CEFC will buy a 14.16-percent stake in Russian oil major Rosneft for US$9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening the energy partnership between Moscow and China.

CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world’s second-largest energy consumer, to boost cooperation with the world’s top oil producer.

The deal comes as the United States imposes a new round of economic sanctions on Russia, making it difficult for large Western firms such as Glencore to develop partnerships and increase ties with state-owned firms such as Rosneft.

Glencore said in a statement that CEFC will buy shares at a premium of around 16 percent to the 30-day volume weighted average price of Rosneft shares without naming the price. A CEFC spokesman said the company would pay US$9.1 billion.

Rosneft’s market capitalization stands at US$57 billion and the dealmakes it one of the largest investments ever made by China into Russia.

Glencore and QIA will retain stakes of 0.5 percent and 4.7 percent in Rosneft respectively.

Russia tops the list of Chinese crude suppliers where it competes with its arch-rival Saudi Arabia, the world’s largest oil exporter.

Glencore and QIA agreed to buy a 19.5 percent stake in Rosneft in December 2016 for over 10.2 billion euros to help the Kremlin plug budget holes.

Rosneft is run by Igor Sechin, a close ally or President Vladimir Putin, who awarded special state decorations to the head of Glencore Ivan Glasenberg for executing the transaction.

Putin also awarded state decorations to the Russian head of Italian bank Intesa SanPaolo, Antonio Fallico, for helping fund the deal with a 5.2 billion euro loan.(SD-Agencies)

 

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