CEFC China Energy buys $9bn stake in Rosneft

CEFC China Energy buys $9bn stake in Rosneft:

"CEFC China Energy is set to take a stake of almost $9bn in Russian state-controlled oil company Rosneft, in a major strengthening of energy ties between Beijing and Moscow as relations deteriorate with the west.

CEFC, a private conglomerate with interests in energy and financial services, will take a 14.16 per cent stake in Rosneft after agreeing to buy shares held by Switzerland’s Glencore and the Qatar Investment Authority in an offshore vehicle.

Moscow has looked to pivot towards China since US and EU sanctions were imposed in 2014 following Russia’s invasion of Ukraine, and a string of recent energy deals has deepened the bond between the world’s largest energy exporter and consumer."



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