Glencore says Rosneft deal to close in second half, loses No.2 oil trader spot | Reuters

Glencore says Rosneft deal to close in second half, loses No.2 oil trader spot | Reuters:

Glencore (GLEN.L) said on Wednesday the sale of the bulk of its stake in Russia’s Rosneft to the Qatari sovereign wealth fund is due to close in the second half of this year, as the Swiss company loses its spot as the world’s second-largest oil trader.

Glencore reported a slump in its traded oil volumes for the first half, pushing it into third place behind rivals Vitol and Trafigura.

Qatar’s fund QIA initially bought 19.5 percent in Rosneft together with Glencore in a consortium named QHG for 10.2 billion euros ($12.2 billion) during the Russian firm’s partial privatization in 2016.