Russia - 01

Russia: Rosneft’s Privatization: Craving for International Recognition

In the last few days, additional details have emerged regarding the sale of the 19.5% stake in Rosneft to Glencore and the Qatar Investment Authority (QIA), shedding light on some of the opaque aspects of the deal that we highlighted in our previous note. Some light has been thrown on the sources of money for the deal. As we noted, Glencore provided €300mn in equity to fund its share of the purchase; the QIA’s purchase is not as highly leveraged, as it provided €2.5bn in cash. The buyers have thus contributed €2.8bn out of the total purchase amount of €10.3bn, leaving €7.5bn to be financed.

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