Rosneft signs oil supply deal with Qatar firm, Glencore

MOSCOW: Russian oil major Rosneft has concluded a deal with a company linked to Qatar and commodities trader Glencore to supply up to 55 million tonnes of crude in total over a 5-year period, Rosneft said in a statement on Tuesday.
The agreement follows the acquisition of a 19.5 per cent stake in Rosneft by Qatar Investment Authority (QIA) fund and Glencore last month for around 710 billion roubles ($11.8 billion).
Under the terms of the acquisition, Glencore had said it would conclude a five-year supply agreement with Rosneft giving it an extra 220,000 barrels a day to trade. — Reuters