The puzzling Glencore-Qatari-Rosneft deal
The sale of a stake in Russia's largest oil producer might not be as significant as many thought
On the surface, the €10.2bn ($10.8bn) sale of a 19.5% stake in Rosneft, to Glencore and the Qatar Investment Authority (QIA), looks good business all around. The Russian treasury gets some much-needed cash; Qatar diversifies into Russian oil; and Glencore will buy another 220,000 barrels a day of Rosneft's crude for the next five years. Glencore chief executive Ivan Glasenberg said the deal showed the "strong relationships that already exist between Rosneft, QIA and Glencore". Western sanctions have sought to prevent such relationships - and investments - and hurt Russian firms. This deal showed Russia's resilience to the financial embargo. Announced on 10 December, it valued Rosneft at €52b
Also in this section
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis