Global mining company Glencore has completed the divestment of its 14.16% interest in the Russian oil and gas company Rosneft to a wholly-owned affiliate of Qatar Investment Fund (QIA). As a result, Glencore and QIA respectively hold 0.57% and 18.93% of Rosneft.
In 2016, Qatar Investment Authority (QIA) and Glencore jointly purchased a 19.5% stake in Rosneft for US$12.2bn but in 2017, the consortium agreed to sell 14.16% of Rosneft to the Chinese conglomerate CEFC China Energy for US$9.1bn. However, the agreement with CEFC was terminated and Glencore decided to transfer its stake to QIA instead. QIA then became the third largest shareholder after Rosneftegaz (50%) and BP (19.75%) following the cancelled sale of the stake to CEFC.
Rosneft's sale to private investors and companies was part of its privatization and encompasses exploration of hydrocarbon deposits, oil and gas production, processing and marketing.