“Rosneft” has disclosed details of the sale of 19.5% stake in

“Rosneft” and Switzerland-based commodities trader Glencore announced the signing of an agreement for the sale of 19.5% stake in Rosneft international consortium of Glencore and sovereign wealth Fund of Qatar.

According to the press release “Rosneft” the agreement was signed on Saturday, December 10. Glencore in a separate message (.pdf) announced the creation of a consortium with Qatar Investment Authority (QIA) to buy a package “Rosneft” but indicated that the deal will be closed in mid-December, subject to finalization of all necessary conditions, including the financing and guarantees.

The transaction amount will be €10.2 billion (692 billion rubles), of which Glencore will pay only €300 million of its own funds, Qatar — €2.5 billion, the Remaining €7.4 billion will be provided by Italian Bank Intesa Sanpaolo, which organized the so-called non-recourse funding “with the participation of other banks,” follows from the release of “Rosneft”. It will be Russian banks, the message Glencore (some not stated).

Although the consortium will pay 692 billion rubles, the Federal budget will receive more — 710,8 bn (€10.5 billion) is due to additional dividends from Rosneftegaz (the seller of the share in “Rosneft”) in favor of the state, is spoken in the message “Rosneft”. 710,8 billion roubles is the minimum sum at which the government ordered in November to privatize 19.5% stake in oil company.

Saturday synchronous statements of Rosneft and Glencore have clarified a few remaining questions after the President of Russia Vladimir Putin and the head of “Rosneft” Igor Sechin at a meeting in the Kremlin on 7 December announced a deal with a consortium of Glencore and Qatar as finished. Glencore few hours later clarified that the parties are still negotiating. Putin and Sechin called the transaction value of €10.5 billion, and Glencore — $ 300 million less. Qatari sovereign Fund did not comment on the statement of the Kremlin, and its share in the financing of the deal remained unknown. Also not revealed who China will Finance the billion-dollar purchase, although the sources and Western news agencies pointed to the Italian Bank Intesa.