On 7 December 2016 the Kremlin announced that a 19.5% stake in Rosneft had been sold to a 50:50 consortium of the Qatar Investment Authority (QIA) and Glencore for a consideration of 10.2 billion (US$11.0 billion). Glencore will commit 300 million in equity and QIA will commit 2.5 billion in equity to the consortium with the balance of the consideration coming from non recourse bank financing. Glencore will also conclude a five year oil supply deal for an additional 220 000b/d. The deal offers good strategic fit for all parties. The sale enables Russia to plug a gap in its federal budget on schedule and in line with the government's plan. Rosneft will ensure security of demand and the potential to increase its LNG exposure. Glencore and QIA will get access to the NOC's vast low cost Russian resources and strengthen ties with the key non OPEC oil producer. Rosneft's heavy oil weighting will also help Qatar balance its gas dominated portfolio.