The Swiss trader Glencore announced the completion of the transaction, which resulted in the direct ownership of a 0.57% stake in Rosneft, and the Qatar Investment Authority (QIA), the Qatar fund, became the owner of an 18.93% stake in the Russian company. The announcement of the closure of the transaction is posted on the Glencore website.
Before that, Glencore and QIA owned a 19.5% stake in Rosneft through the Singapore company QHG Oil Ventures. This company was established in December 2016 specifically for the acquisition of a stake in Rosneft. QHG Oil Ventures became a shareholder of Rosneft in January 2017. For a share of 19.5%, it paid 10.2 billion euros. Glencore spent 300 million euros on the transaction, QIA 2.5 billion euros, a consortium of 5.2 billion euros attracted Intesa Sanpaolo in Italy, and 2.2 billion euros from the pool of creditors (they were not disclosed).
In autumn 2017, QHG Oil Ventures agreed to sell 14.16% of Rosneft to a Chinese private company, CEFC. The amount of the deal was supposed to be $ 9.1 billion. But in May of this year the deal fell through. After that, Glencore and QIA stated that they decided to withdraw from QHG Oil Ventures and divide the shares in Rosneft in accordance with the initial investments.
The guarantees that Glencore previously provided on the loan are no longer valid, it follows from the report of the Swiss company. Glencore reported that it provided guarantees for the loan "for a maximum of 1.4 billion euros, which, in turn, are fully hedged in Russian banks." In the case of a margin call with the fall of Rosneft shares, the trader would have to bring in collateral.
The main shareholder of Rosneft is the state-owned Rosneftegaz, which owns 50% plus one share of the company. Another 19.75% belongs to the British BP.