BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Glencore, Qatar in final-stage negotiations to buy 19.5% stake in Rosneft

08 Dec 2016 14:18 GMT

Transaction expected to close in mid-December, says Glencore.



Glencore, the owner of bunker supplier Chemoil, has confirmed that it is in final-stage negotiations regarding a transaction involving the acquisition, as part of a consortium with the Qatar Investment Authority, of a 19.5 percent interest in the issued share capital of Rosneft for EUR 10.2 billion.

Under the proposed arrangements, Glencore would commit EUR 300 million in equity, with the balance of the consideration for the acquisition of the shares to be provided by QIA and by non-recourse bank financing.

According to Switzerland-headquartered Glencore, the other key terms of the proposed transaction for the company are:

- A new five-year offtake agreement with Rosneft representing an additional 220,000 barrels per day for the Glencore Marketing business.

- Additional opportunities, through a strategic partnership for further cooperation, including infrastructure, logistics and global trading.

- Other than the economic exposure represented by the EUR 300 million in equity (amounting to an indirect equity interest in Rosneft of around 0.54%), Glencore says it would not have any economic exposure to its interests in the shares.

- Limited liability structure fully ring-fenced and non-recourse to Glencore - apart from its EUR 300 million equity contribution and the provision of certain guarantees.

Once the transaction is entered into, it would be expected to close in mid-December, Glencore says.

Chemoil

Established in 1981, Chemoil - a wholly owned subsidiary of Glencore - is one of the world's leading marine fuel suppliers.

Chemoil was named Singapore's leading bunker supplier by volume in 2015, dethroning BP as the top seller at the world's biggest bunker port, according to data released by the Maritime and Port Authority (MPA).

Earlier this year, Chemoil commenced physical bunker fuel supply operations at Australia's Port Kembla, New South Wales, in addition to Newcastle, Port Botany and Eden. The company also began carrying out deliveries in Brisbane in June.

Rosneft's bunker business

Rosneft's bunkering business is carried out by RN-Bunker and Rosneft Marine UK Ltd. Via these companies, Rosneft carries out bunker deliveries in key ports across Russia and is able to arrange supplies outside Russia also.






Related Links:

Chemoil to begin bunker supply operation in Australia

Latest News:

Project targets emissionless 'green corridor' with first electric inland boxship
UK's first LNG-fuelled passenger ferry launched in Glasgow
Wartsila to supply scrubber and engines for new cruise ship
Oil stocks, rig count and OPEC taking centre stage
Oil and fuel oil hedging market update
Petronas signs accord to provide STS LNG transfers
ECSA welcomes agreement on CO2 emissions trading system
Tallink achieves Q3 growth despite rise in bunker costs
Oil and fuel oil hedging market update
Jan Brent rose $0.47 to close at $62.57
Debmarine Namibia inks MoU to build bunker-saving mining vessel
Understanding 'about' in bunker consumption clauses




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events