Commodities giant Glencore says it is terminating a proposed deal to sell nearly all its stake in Russian oil company Rosneft to a Chinese energy company. Baar, Switzerland-based Glencore said Friday that it has sent notice to CEFC China Energy Company Ltd. that the deal has been canceled. The move came less than a year after Glencore and QIA took a 19.5 stake in Rosneft. Ultimately, Glencore said it will ending up with a 0.57 percent stake in Rosneft, which amounts to Glencore's original equity investment as of January 2017. QIA, meanwhile, will hold an 18.93 percent stake in the Russian company.

Source: ABC News May 05, 2018 17:50 UTC