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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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