Glencore cancels proposed sale of stake in Russian oil co.

BAAR, Switzerland – Commodities giant Glencore says it is terminating a proposed deal to sell nearly all its stake in Russian oil company Rosneft to a Chinese energy company.

Baar, Switzerland-based Glencore said Friday that it has sent notice to CEFC China Energy Company Ltd. that the deal has been cancelled.

A Glencore spokesman declined to say Saturday why the proposed deal is being terminated.

Glencore announced in September that it and Qatar Investment Authority, the Persian Gulf emirate’s sovereign wealth fund, had agreed to jointly sell a 14.16 per cent stake in Rosneft to the CEFC for $9 billion (7.5 billion euros).

In its statement Friday, Glencore said that it will wind up its partnership with QIA, ending up with a 0.57 per cent stake in Rosneft. QIA will hold an 18.93 per cent stake.