Russia signs Rosneft deal with Qatar, Glencore
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 on Wednesday.
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.
Rosneft said in a statement the budget would receive 710.8 billion rubles (£9 billion) from the sale, including 18.4 billion rubles in additional dividends from Rosneftegaz.
It said the additional dividends were due to a change in its dividend policy, according to which it will pay at least 35 percent of net profit according to international accounting standards in payouts twice a year.
Rosneft confirmed that Italian bank Intesa Sanpaolo was a major creditor for the deal and said it would be closed by the middle of December.
Sechin called QIA and Glencore “strategic investors” in the Rosneft statement and said he was confident their work together would lead to synergies for Rosneft. -Reuters