President of Russia Vladimir Putin met in the Kremlin with Glencore International AG Chief executive officers Ivan Glasenberg, the head of the sovereign fund of Qatar (QIA) Abdullah bin Mohammed al-Thani, and Intesa Sanpaolo S.p.A. Chief executive officer Carlo Messina. The meeting was attended by Rosneft Chief executive officer Igor Sechin.
The Head of State thanked the leaders of the consortium of foreign investors for the participation in the integrated transaction for the privatization of 19.5% Rosneft shares.
“I would like to congratulate you on the closure of the deal to acquire a 19.5% stake in our leading oil company Rosneft. I would like to thank you for your trust, for your decision. And I would like to express my confidence that your business in Russia will develop and that it will develop successfully”. Vladimir Putin stated that capitalization of the Company increased by 18% after the completion of the transaction. "So you have already made a profit," – said the President of Russia. He also expressed hope investors will proceed expanding business in the country.
"The deal is very important to us as Glencore, we’ve had a long relationship with Rosneft and we’ve been taking oil and oil products from Rosneft and trading and marketing around the world. We are planning to develop this cooperation", - said Glencore CEO Ivan Glasenberg during the meeting.
The signing of an Agreement on strategic cooperation became the part of the privatization deal. Joint projects with the new shareholders in the area of production, logistics and trading business will provide Rosneft with additional synergistic opportunities. Under the Agreement, which provides increased cooperation between Rosneft and Glencore in the area of trading, including the Asian region, the companies signed a 5-year contract for oil supplies of up to 220,000 barrels per day.
The QIA stated its interest in Rosneft’s production projects in Russia and third countries. The parties are also considering the possibility of cooperation in the LNG sector, including trading and potential participation in joint projects.
Rosneft Information Division
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January 25, 2017