Russian state holding company Rosneftegaz closed this week a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore to sell a 19.5% stake in state-owned oil major Rosneft.
The privatisation deal, which Rosneft chief executive Igor Sechin called the largest in Russia’s history, was announced by Rosneft in a meeting with President Vladimir Putin in December.
Its success suggests the lure of taking a share in one of the world’s biggest oil companies outweighs the risks associated with Western sanctions imposed on Russia over the conflict in Ukraine.
“The technical procedures for closing (the deal) required the preparation and signing of more than 50 documents and agreements,” Rosneft said in a statement. “All this reflects the unprecedented complexity of the deal.”
Italy’s Intesa Sanpaolo said it would provide a loan for up to 5.2bn euros ($5.4bn) to help the QIA and Glencore purchase the stake.
