1 Min Read
MOSCOW (Reuters) - Italy's Intesa (ISP.MI) and a syndicate of banks are to provide Qatar and commodities trader Glencore (GLEN.L) with 7 billion euros of financing to buy a 19.5 percent stake in Rosneft (ROSN.MM), a Rosneft source said on Sunday.
Intesa will provide "significantly over 50 percent" of the financing, while Glencore will hedge the bulk of its stake in Rosneft, the source added.
Rosneft is preparing to become a shareholder in the Zohr gas project and expects Qatar and Glencore to be partners for many, many years, the source also said.
Reporting by Katya Golubkova; Writing by Alexander Winning, editing by David Evans