CEFC in talks to acquire a stake in Rosneft

CEFC in talks to acquire a stake in Rosneft

Editorial Staff
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The close ties between the two companies are leading to stronger economic cooperation between the two countries, while also aiming for a join venture with Russia's NNK

The Chinese company CEFC Energy is discussing a deal to buy a stake in the Russian oil giant Rosneft. It was revealed by the Financial Times, quoting sources with direct knowledge of the discussions who pointed out that the deal signals a strengthening of economic cooperation between China and Russia. CEFC is a conglomerate with interests in the energy and the financial sectors. Rosneft is the world’s largest listed oil producer. A deal could be announced as early as this week. "Rosneft - the sources explain - sees this as a good idea for both strategic and simple business reasons. With the current tensions with the US, they can use it to show that there are other places to find friends." According to the sources, as part of the talks, CEFC is also holding discussions with the Russian company NNK, headed by former Rosneft CEO Eduard Khudainatov, with a view to setting up a joint venture connected with the investment.