The Kremlin has announced that commodities trader Glencore and Qatar’s sovereign wealth fund are together buying a 19.5% stake in Rosneft, Russia’s largest oil company., “It is the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016,” President Vladimir Putin said.
The surprise move sees Glencore and Qatar paying $11.3bn for the stake in Rosneft, where BP already owns 19.75%.
Moscow will keep the controlling stake.
The long-planned sale is part of the Russian government’s efforts to sell some state assets to help balance the budget amid a two-year recession caused by …read more
Source: Angola Press News Agency
