Deal Insight

Glencore and Qatar SWF buy 19.5% stake in Rosneft

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Report summary

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.

What's included

This report contains

  • Document

    Glencore and Qatar SWF buy 19.5% stake in Rosneft

    PDF 286.92 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 6 images and tables including:

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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