Putin sees success for Glencore, Qatar, Intesa in Russia post-Rosneft deal

Wed Jan 25, 2017 10:08am EST
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By Olesya Astakhova

MOSCOW (Reuters) - President Vladimir Putin told trading giant Glencore (GLEN.L: Quote), Qatar's sovereign wealth fund, and Italian bank Intesa (ISP.MI: Quote) their businesses in Russia would be successful after they took part in the privatisation of a stake in Rosneft (ROSN.MM: Quote).

"I want to thank you for your trust, for your decision, want to express confidence that your business in Russia will be developing and developing successfully," Putin told a meeting with the heads of the companies.

The meeting was also attended by Igor Sechin, chief executive of Rosneft, in which the state sold a 19.5 percent stake last month to the consortium of Glencore and the Qatar Investment Authority.

Intesa advised on the deal and provided 5.2 billion euros ($5.58 billion) in financing.

Putin said he hoped Intesa would expand its presence in Russia.

Russia sold the Rosneft stake for 10.2 billion euros ($10.94 billion), earning revenues for the state budget hit by low oil prices and Western sanctions.

Putin said since the deal was announced on Dec. 7, Rosneft's market value had risen 18 percent.

"So you have already earned," he said.   Continued...

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, November 20, 2012.   REUTERS/Arnd Wiegmann/File Photo 1