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GLN - Russian government announcement regarding privatisation of shares in Rosneft
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64
Baar, Switzerland
7 December, 2016
Russian government announcement regarding privatisation of shares in Rosneft
Glencore notes the announcement released by the Russian government regarding the privatization of
shares in Rosneft.
Glencore confirms that it is in final-stage negotiations regarding a transaction involving the acquisition, as
part of a consortium with the Qatar Investment Authority (the Consortium), of a 19.5% interest in the
issued share capital of Rosneft for €10.2 billion (the Shares).
Under the proposed arrangements, Glencore would commit €300 million in equity (the Glencore Equity)
with the balance of the consideration for the acquisition of the Shares to be provided by QIA and by non-
recourse bank financing.
The other material terms of the proposed transaction for Glencore are:
- New 5 year offtake agreement with Rosneft representing a sizeable additional 220,000 bbls/day
for the Glencore Marketing business.
- Additional opportunities, through a strategic partnership for further cooperation, including
infrastructure, logistics and global trading.
- Other than the economic exposure represented by the Glencore Equity, (amounting to a c.0.54%
indirect equity interest in Rosneft), Glencore would not have any economic exposure to its
interests in the Shares.
- Limited liability structure fully ring-fenced and non-recourse to Glencore apart from its €300
million equity contribution and the provision of certain guarantees, the risks of which would be
fully indemnified by appropriate financial institutions.
Once the transaction is entered into, it will be conditional on the subsequent finalisation of all relevant
financing, guarantee and other agreements and would be expected to close in mid-December.
A further announcement will be made in due course.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Carlos Francisco t: +41 41 709 2369 m: +41 79 129 9195 carlos.fernandez@glencore.com
Fernandez
Stefan Ogden t: +65 6415 7625 m: +65 9828 3700 stefan.ogden@glencore.com
Media
Charles Watenphul t: +41 41 709 2462 m: +41 79 904 3320 charles.watenphul@glencore.com
Pam Bell t: +44 20 7412 3471 m: +44 77 3031 9806 pam.bell@glencore.co.uk
Company secretarial
John Burton t: +41 41 709 2619 m: +41 79 944 5434 john.burton@glencore.com
Nicola Leigh t: +41 41 709 2755 m: +41 79 735 3916 nicola.leigh@glencore.com
www.glencore.com
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer
and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and
metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's
industrial and marketing activities are supported by a global network of more than 90 offices located in
over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
oil and food processing. We also provide financing, logistics and other services to producers and
consumers of commodities. Glencore's companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.
Follow us on social media:
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Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank Division)
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