Page 51 - Plastics News May 2018

Business news

Qatar buys 19 percent stake in

Rosneft

atar is taking a nearly 19 percent stake in Rosneft,
Qrescuing the Russian oil major from its stalled deal to
sell a major stake to China's CEFC. The deal strengthens
ties between Moscow and Doha at a time when Qatar
is facing boycott by its Gulf Arab neighbours. Qatar's
sovereign investment fund QIA initially bought 19.5 percent
in Rosneft together with Swiss trading giant Glencore for
10.2 billion euros ($12.2 billion) during the Russian firm's
partial privatisation in 2016. But last year the consortium
agreed to sell a 14.16 stake in Rosneft to CEFC China

Energy in a $9.1 billion deal that was seen as key to helping
expand relations between Russia and China, the world's
top energy exporter and top consumer. That deal ran into
trouble after CEFC Founder and Chairman Ye Jianming
was put under investigation by Chinese authorities over
suspected economic crimes, Reuters reported in March.
Glencore said that the consortium that had been selling
the Rosneft stake had been dissolved, and said Qatar and
Glencore would now own stakes directly.QIA would control
an equity stake of 18.93 percent and Glencore would hold
some 0.57 percent.CEFC has not commented publicly since
the termination of the deal was announced. Sources close
to QIA have said Rosneft could prove a profitable long-term
investment given the giant firm is worth only $65 billion
despite producing more crude than U.S. ExxonMobil, which
is worth $324 billion. Qatar Airways, is the state-owned
flag carrier of Qatar.[Headquartered in the Qatar Airways
Tower in Doha,[6] the airline operates a hub-and-spoke
network, linking over 150 international destinations.

51 May 2018 Plastics News