The puzzling Glencore-Qatari-Rosneft deal
The sale of a stake in Russia's largest oil producer might not be as significant as many thought
On the surface, the €10.2bn ($10.8bn) sale of a 19.5% stake in Rosneft, to Glencore and the Qatar Investment Authority (QIA), looks good business all around. The Russian treasury gets some much-needed cash; Qatar diversifies into Russian oil; and Glencore will buy another 220,000 barrels a day of Rosneft's crude for the next five years. Glencore chief executive Ivan Glasenberg said the deal showed the "strong relationships that already exist between Rosneft, QIA and Glencore". Western sanctions have sought to prevent such relationships - and investments - and hurt Russian firms. This deal showed Russia's resilience to the financial embargo. Announced on 10 December, it valued Rosneft at €52b

Also in this section
7 February 2025
The history of tin production and prices offers a preview of the future oil market. If correct, $35/bl could become the new normal for crude for several years without further OPEC+ intervention
7 February 2025
Changing oil demand patterns mean different downstream economics amid switch to naphtha, LPG and other petrochemicals
6 February 2025
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
6 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors