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CEFC China Energy Company Failed To Make Its ROSNEFT Stock Purchase

According Russian news agency Sputnik, Glencore, an Anglo–Swiss multinational commodity trading and mining company, announced that it would stop selling the ROSNEFT shares that Glencore and the Qatar sovereign fund QIA owned jointly to CEFC China Energy Company. ROSNEFT is Russia’s national oil company. The cancelled US$9.1 billion deal would have allowed CEFC China Energy to acquire 14.16 percent of ROSNEFT. The Chinese financial news organization Caixin confirmed the news and also reported that CEFC China Energy currently faces the deep trouble of a debt crisis. Its phase-one payment on the ROSNEFT deal was not in place. CEFC China Energy’s US$400 million deposit will not be refunded.

1. Sputnik Chinese, May 5, 2018

2. Caixin, May 5, 2018