| LONDON, March 7
LONDON, March 7 Glencore's chief Ivan Glasenberg
and a top executive from Qatar's state wealth fund QIA will
likely join the board of Rosneft this year following
their purchase of a stake in the Kremlin oil major, industry
sources told Reuters.
The sources said Rosneft had nominated Glasenberg alongside
a QIA representative to the board, which has to be elected at
the firm's annual general meeting before the end of June. The
sources did not name a QIA representative.
Swiss-based Glencore and Qatar bought 19.5 percent in
Rosneft in December for over 10 billion euros ($10.6 billion).
The Qatar-Glencore venture co-owns equal shares in the stake
even though Glencore has said its direct exposure to Rosneft's
stock was just 0.54 percent and it had contributed only 300
million euros to the deal, which was mainly funded by banks such
as Italy's Intesa.
Rosneft's board is run by Chairman and Chief Executive Igor
Sechin, one of President Vladimir Putin's closest allies.
Glasenberg will join the head of BP Bob Dudley who
has sat on the board for a number of years since the British oil
major bought a 19 percent stake in Rosneft.
Dudley remained a board member even after the United States
and the European Union slapped sanctions on Rosneft and
personally on Sechin for Russia's annexation of Crimea in 2014.
Other directors include former BP veteran Guillermo
Quintero, former ExxonMobil chief financial officer
Donald Humphreys and Matthias Warnig, a veteran Russian
specialist previously with Germany's Dresdner Bank.
The Rosneft stake sale to Glencore and Qatar's QIA is one of
the biggest privatisation transactions since the fall of the
Glasenberg has said the partnership will allow Glencore to
expand its cooperation with Rosneft by trading more Russian oil
and supply refineries worldwide as the Swiss trading house is
looking to boost its oil trading division.
($1 = 0.9454 euros)
(Reporting by Dmitry Zhdannikov; editing by Susan Thomas)