Russia is one of the top oil producers in the world alongside Saudi Arabia and the US. It has the world's largest commercial gas reserves and is the second largest gas producer globally behind the US. Domestic players in particular state owned Rosneft and Gazprom dominate the Russian oil and gas industry. IOCs are present in only a handful of projects typically those which are high cost and technically challenging such as Yamal LNG and the Sakhalin PSC developments. In December 2016 Glencore and the Qatar Investment Authority purchased a 19.5% stake in Rosneft from the state.