Daily Management Review

CEFC China Energy to go ahead with its planned investment of $9.1 billion in Russia’s state owned Rosneft


09/27/2017


With CEFC China Energy getting the go ahead from China’s top economic planner, the deal will deepen energy ties between the Russia and China.



As per three sources with knowledge of the matter at hand, CEFC China Energy, a privately-run conglomerate, has obtained a preliminary approval from the Chinese state for its proposed $9.1 billion investment in Russian oil major Rosneft.

Earlier this month, CEFC had disclosed it would be buying a 14.16% stake in Rosneft from a consortium of Glencore and the Qatar Investment Authority.

The development underscores the strengthening of energy ties between Moscow and Beijing.

“It’s a preliminary approval from the NDRC which means the government gave the principal go-ahead for the deal,” said an industry executive with direct knowledge of the government decision.

The National Development and Reform Commission (NDRC) is China’s top economic planner.


 


 


 


 


 

Source:

http://uk.reuters.com








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