Nine months after surprising the world with an $11-billion venture to buy a stake in Russia’s state oil company, Glencore is selling most of it and emerging from the deal with a valuable crude supply contract and political ties in Moscow burnished.
The companies announced on Friday that the Glencore-Qatar consortium would sell the bulk of its stake in Rosneft PJSC to CEFC China Energy Co, a little known but rapidly expanding Chinese conglomerate.
