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Intesa, syndicate to provide 7 billion euros for Rosneft deal: source
December 11, 2016 / 7:49 AM / a year ago

Intesa, syndicate to provide 7 billion euros for Rosneft deal: source

MOSCOW (Reuters) - Italy’s Intesa (ISP.MI) and a syndicate of banks are to provide Qatar and commodities trader Glencore (GLEN.L) with 7 billion euros of financing to buy a 19.5 percent stake in Rosneft (ROSN.MM), a Rosneft source said on Sunday.

The shadow of a worker is seen next to the logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo

Intesa will provide “significantly over 50 percent” of the financing, while Glencore will hedge the bulk of its stake in Rosneft, the source added.

Rosneft is preparing to become a shareholder in the Zohr gas project and expects Qatar and Glencore to be partners for many, many years, the source also said.

Reporting by Katya Golubkova; Writing by Alexander Winning, editing by David Evans

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