Glencore set to take stake in Rosneft in renegotiated deal

Glencore Xstrata (GLCNF, GLNCY) is poised to take an equity stake this year in Russian oil company Rosneft (RNFTF) under the terms of a renegotiated loan agreement.

Glencore says Rosneft has refinanced part of its debt and repaid $1B in December, and the two companies agree to amend the terms of the remaining loan so that it would convert at least $900M into an equity stake in Rosneft during 2014.

Also says it will study the sale of BHP Billiton’s Australian nickel assets; BHP has booked impairment charges on the Nickel West assets of nearly $1.6B over the past two fiscal years.

Shares +2.5% in London after the company beat analysts’ earnings estimates in its first annual results since the Xstrata takeover.

Comments (2)
  • TJHoughton
    , contributor
    Comment (1) | Send Message
    Is this Rosneft or RussNeft? I was under the impression that it was the latter and the FT article linked seems to suggest so too.
    4 Mar 2014, 09:10 AM Reply Like
  • ash187
    , contributor
    Comments (222) | Send Message
    It's Russneft, this article needs to be corrected. Russneft is not the same as the majority-gov owned Rosneft.
    4 Mar 2014, 09:30 AM Reply Like
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