Glencore, Qatar Investment Authority to Sell Rosneft Oil Stake

By Rory Gallivan Features Dow Jones Newswires

Glencore PLC (GLEN.LN) on Friday said its consortium with the Qatar Investment Authority has agreed to sell a 14.2% stake in Russia's Rosneft Oil Co. (ROSN.MZ) to Chinese conglomerate CEFC China Energy Company Ltd.

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Following the sale, Glencore will own 0.5% of Rosneft Oil and QIA will own 4.7%, Glencore said.

Glencore said the shares in Rosneft Oil will be sold at around 16% above their average share price over the past 30 days.

Shares at 1200 GMT, down 2.2 pence, or 0.6%, at 366.3 pence valuing the company at 53.11 billion pounds ($69.43 billion).

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

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September 08, 2017 08:44 ET (12:44 GMT)