CEFC China Energy Co. will no longer be buying a $9 billion stake in Russian oil giant Rosneft, with Qatari sovereign wealth fund and Swiss mining company Glencore choosing to cancel the deal.
The Qatari Investment Authority will now own 18.93% of Rosneft, becoming the third-largest shareholder after the Russian state and British BP Plc, according to Bloomberg.
The deal was poised to be the next addition to blossoming energy ties between Russia and China, which have signed joint deals for massive new infrastructure projects involving natural gas and oil supplies to China.
Following the sudden resignation of CEFCs chairman and his subsequent investigation for financial crimes, however, the deal with Rosneft was put into doubt despite the first payments already being made.
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