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China to boost ties with Russia by $ 9 billion
20:40 - 09/09/2017
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China's oil company CEFC plans to buy a stake in Russian oil giant Rosneft for $ 9 billion, boosting energy partnership between Moscow and Beijing.
The Chinese company will buy shares from Qatar Investment Authority and Glencore, which have a stake in Rosneft. After the deal, CEFC will own a 14.16 percent stake in the Russian company.
A source familiar with the deal, according to the agency quoted "Bloomberg" economic, the alliance "Qatar Investment Authority" and "Glencore" Swiss will use the proceeds of the deal to pay the financial obligations resulting from the purchase of a previous share in the "Ross Oil".
In early December, the alliance bought a 19.5% stake in the Russian company for $ 11 billion. After completing the deal with the Chinese company, the alliance will still have a 5.2% stake in Rosneft.
Rosnet's market value is $ 57 billion, making it one of China's biggest ever investments in Russia.
Russia is the largest oil supplier to China, the world's second-largest energy consumer. Over the past five years, Moscow has worked to strengthen its relations with Russia, ensuring that Saudi Arabia and Angola have overtaken China's crude supplier list.
In early September, Ross Neft and CEFC signed a long-term agreement to supply crude oil to China, a sign of Russia's relations with China. Dr
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