Glencore set to take stake in Rosneft in renegotiated deal

|About: Glencore Plc (GLCNF)|By:, SA News Editor

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.