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Glencore Stocks Up in Wake of Rosneft Shares Purchase Deal

Sputnik International

Glencore stocks are growing at the opening of Hong Kong trade on Thursday against the backdrop of the company’s new deal to acquire a 19.5 percent stake in the... 08.12.2016, Sputnik International

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Glencore Stocks Up in Wake of Rosneft Shares Purchase Deal

02:03 GMT 08.12.2016 (Updated: 02:13 GMT 08.12.2016)

Investors watch stock prices on screens at a securities company in Beijing on March 22, 2016 - Sputnik International

Glencore stocks are growing at the opening of Hong Kong trade on Thursday against the backdrop of the company’s new deal to acquire a 19.5 percent stake in the Russian Rosneft oil giant together with the Qatar Investment Authority (QIA).

Rosneft stand in the Expoforum exhibition center before the opening of the 20th St. Petersburg International Economic Forum - Sputnik International

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

7 December 2016, 21:25 GMT

MOSCOW (Sputnik) – As of 02:00 GMT on Thursday, Glencore stocks were 3.17 percent up, market data showed.

Glencore will allocate 300 million euros (almost $323 million) as part of the consortium deal with the QIA for the purchase of a 19.5 percent stake in Rosneft.

The company said on Wednesday that the proposed arrangements stipulate a 5 year offtake agreement with Rosneft representing an additional 220,000 barrels a day for Glencore.