Glencore and Qatar take stock of Rosneft

On 7 December, the Russian government announced the sale of 19.5% of Russian oil giant Rosneft to Glencore and Qatar. The US$11.5 billion deal is a landmark moment in the evolution of Russia's oil and gas sector. The entry of Middle Eastern and European investors bucks the recent trend of Russian upstream deals which have been dominated by Indian and Chinese investors. The deal combines private and state enterprise and enables Russia to plug a gap in its federal budget. Moreover, Russia's upstream is now firmly back on the map as an attractive place to invest despite more than two years of EU/US sanctions.