Qatar steps in to rescue Rosneft’s stake sale

LONDON: Qatar is taking a stake in Rosneft of nearly 19%, rescuing 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% in Rosneft together with Swiss trading giant Glencore for 10.2 billion euros 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 US$9.1bil deal that was seen as key to helping expand relations between Russia and China, the world’s top energy exporter and top energy consumer.