• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 2 hours 60 mph electric mopeds
  • 47 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 27 mins US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 6 hours China to Impose Dictatorship on Hong Kong
  • 11 mins Russia loses its chance to capture the EU gas market
  • 21 hours Norway horrified as new rates make EV charging prices higher than petrol
  • 1 hour Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 36 mins Monetary and Fiscal Policies in Times of Large Debt:
  • 36 mins So the President is on that Hydroxy
  • 9 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 12 hours Iran's first oil tanker has arrived near Venezuela
  • 2 hours DEFIANCE – There are More of Us Than Them
  • 20 hours Ventura County to Replace Natural Gas Generation with Battery Storage
Is Dieselgate Finally Over?

Is Dieselgate Finally Over?

Five years after Volkswagen’s dieselgate…

Chinese Hedge Funds Are Betting Big On An Oil Price Recovery

Chinese Hedge Funds Are Betting Big On An Oil Price Recovery

Little-known Chinese hedge funds are…

China Purchases 14% Of Rosneft From Qatar

China made a new move to strengthen its relationship with Russia this week by agreeing to buy a 14 percent stake in the oil and gas company Rosneft, according to a new report by the Associated Press.

The $9 billion purchase will transfer the Qatar Investment Authority’s 14.16 percent Rosneft stake to CEFC China Energy Company Ltd., Glencore said on Friday. China bought the shares at a 16 percent premium to the Rosneft share price over the past month. Final negotiations and regulatory approvals are needed before the exchange goes through, however.

“This deal intensifies the energy relationship between Russia and China. A direct stake in Rosneft will make CEFC China the main driver for the relationship of Rosneft with China, ahead of CNPC, Sinopec and Beijing Gas,” Wood Mackenzie senior analyst Christian Boermel said. “Rosneft keeps its customers close to its heart – buy a stake, get an oil supply agreement. CEFC China could soon take stakes in Rosneft projects, either in cash-intensive upstream projects, or in the downstream.”

The Russian government will continue to own a majority stake of Rosneft after the purchase.

China and Russia have been strengthening their relationship over the past few years as Moscow’s hold over the European energy market begins to weaken. The European Union and Russia have been at geopolitical odds regarding Syria, Ukraine, and several other issues, prompting the EU to seek new sources of natural gas.

The QIA and Glencore acquired a 19.5 percent stake in Rosneft just nine months ago. The resale occurred so soon because Glencore, QIA’s partner in the deal, and the QIA itself looked to reduce debt repayments, according to Rosneft CEO Igor Sechin. The two investors will still own just over 5 percent of Rosneft, which is the portion they purchased with cash, instead of via credit lines.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News