Glencore Stocks Up in Wake of Rosneft Shares Purchase Deal

Glencore stocks are growing at the opening of Hong Kong trade on Thursday against the backdrop of the company’s new deal to acquire a 19.5 percent stake in the Russian Rosneft oil giant together with the Qatar Investment Authority (QIA).

MOSCOW (Sputnik) – As of 02:00 GMT on Thursday, Glencore stocks were 3.17 percent up, market data showed.

Glencore will allocate 300 million euros (almost $323 million) as part of the consortium deal with the QIA for the purchase of a 19.5 percent stake in Rosneft.

The company said on Wednesday that the proposed arrangements stipulate a 5 year offtake agreement with Rosneft representing an additional 220,000 barrels a day for Glencore.