18:06 GMT +316 December 2017
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    Rosneftegaz Finalizes Formal Procedures in Rosneft Stake Sale

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    Rosneftegaz announced it had wrapped up formal procedures to sell a 19.5-percent stake in Rosneft to Swiss trader Glencore and Qatar's sovereign wealth fund.

    MOSCOW (Sputnik) Rosneftegaz, the majority stakeholder in Russia’s oil giant Rosneft, announced in a statement on Wednesday it had wrapped up formal procedures to sell a 19.5-percent stake in Rosneft to Swiss trader Glencore and Qatar's sovereign wealth fund.

    "As part of the previously agreed privatization deal all sides in the project, including Rosneftegaz and the consortium of foreign investors – one of the world’s largest sovereign funds, Qatar Investment Authority, and a leading Swiss commodity producer and trader Glencore – as well as financial and legal consultants, financial institutions and creditors, have finalized all corporate and technical closure and payment procedures," the statement read.

    On December 7, Rosneft CEO Igor Sechin told Russian President Vladimir Putin that preparation for the privatization of 19.5 percent of the company's state-held shares was over. On December 10, the transaction participants said the agreement was signed.

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