February 21, 2018 / 7:28 AM / 25 days ago

BRIEF-Glencore says sale of Rosneft stake to CEFC to be completed in H1

MOSCOW, Feb 21 (Reuters) - Glencore says:

* As part of the partnership with Qatar Investment Authority... and in relation to the joint venture’s (QHG) ownership of Rosneft shares, Glencore provided a margin guarantee up to 1.4 billion euro;

* Appropriate Russian banks have in turn provided Glencore with a guarantee which can and will be called upon in the event of drawdown under Glencore’s margin guarantee facility with QHG. As at 31 December 2017, $Nil has been called under the QHG margin guarantee;

* In September 2017, QHG concluded an agreement with CEFC China Energy Company Limited to dispose of the majority of the shares it held (amounting to a 14.16 percent stake in Rosneft);

* The transaction, subject to customary regulatory approval processes, is expected to complete in H1 2018; (Reporting by Moscow Newsroom)

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