Glencore Gets Offtake Deal on 220,000 Barrels a Day Acquiring Rosneft Stake

© Sputnik / Ramil Sitdikov / Go to the mediabankRosneft stand in the Expoforum exhibition center before the opening of the 20th St. Petersburg International Economic Forum
Rosneft stand in the Expoforum exhibition center before the opening of the 20th St. Petersburg International Economic Forum - Sputnik International
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Glencore confirmed it's in a final stage of negotiations regarding the purchase of a stake of Russia's Rosneft as part of a consortium with the Qatar Investment Authority.

Rosneft pavilion at the SPIEF Investment & Business Expo at the St. Petersburg International Economic Forum - Sputnik International
Rosneft CEO Says Glencore, Qatar Investment Fund Gain Equal Stakes in Company
MOSCOW (Sputnik) – The new deal on the sale of a 19.5 percent stake in the Russian Rosneft oil giant to Glencore and the Qatar Investment Authority also includes a 5-year agreement that will give an additional 220,000 barrels a day for Glencore, the company said in a statement.

"Glencore confirms that it is in final-stage negotiations regarding a transaction involving the acquisition, as part of a consortium with the Qatar Investment Authority (the Consortium), of a 19.5% interest in the issued share capital of Rosneft for €10.2 billion (the Shares)," Glencore said on Wednesday.

The company added that the proposed arrangements stipulate a "5 year offtake agreement with Rosneft representing a sizeable additional 220,000 bbls/day for the Glencore Marketing business."

Glencore will also allocate 300 million euros (almost $323 million) as part of a consortium deal with the Qatar Investment Authority (QIA) for the acquisition.

"Under the proposed arrangements, Glencore would commit €300 million in equity (the Glencore Equity) with the balance of the consideration for the acquisition of the Shares to be provided by QIA and by non-recourse bank financing," the company added.

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