Russia to Honor All Commitments Under Rosneft Privatization Deal - Putin

All agreements under the Rosneft privatization deal will be honored by Russia, President Vladimir Putin said Wednesday at a meeting with Rosneft foreign investors in the Kremlin.

MOSCOW (Sputnik) — Swiss trader Glencore and Qatar's sovereign wealth fund (Qatar Investment Authority) purchased 19.5 percent of the shares of Russia's largest oil company Rosneft in December 2016. The sum of the deal amounted to 692 billion rubles (over $11.6 billion).

"I know that you are all planning to expand cooperation with the company [Rosneft], including projects in Russia. And we will honor all these agreements accordingly, because they are in interest of all participants of this process," Putin said.

According to Putin, Qatar will participate in oil extraction in Russia, while Glencore has already started implementing a long-term contract on deliveries of Russian oil to global markets.

"In that respect, Rosneft is interested in such a long-term cooperation in both areas. I also hope that Intesa [the Italian bank that partially funded the Rosneft deal] will also expand its presence on the Russian market," Putin stressed.