CEFC deepens oil ties with Russia Rosneft deal

Chinese conglomerate CEFC has agreed to buy a 14.16 percent stake in oil major Rosneft for $9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening energy partnerships with Moscow, according to an announcement by Glencore released on Sept 8.

Following the deal, CEFC will become the third-largest shareholder in Rosneft after the Russian government and BP.

CEFC Chairman Ye Jianming was quoted by www.yicai.com as saying that the deal, China's second-largest oil and gas acquisition after the $15.1 billion purchase of Canada's Nexen by CNOOC in 2013, will enable further cooperation between CEFC and Rosneft while meeting China's energy demand.