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China's CEFC wins preliminary govt approval for Rosneft deal -sources
September 27, 2017 / 9:10 AM / 25 days ago

China's CEFC wins preliminary govt approval for Rosneft deal -sources

BEIJING/HONG KONG, Sept 27 (Reuters) - Privately-run conglomerate CEFC China Energy has obtained preliminary state approval for its proposed $9.1 billion investment in Russian oil major Rosneft. just about a week after the deal was announced, three sources with knowledge of the matter told Reuters.

CEFC said earlier this month it will buy a 14.16 percent stake in Rosneft from a consortium of Glencore and the Qatar Investment Authority, strengthening energy ties between Moscow and Beijing.

“It’s a preliminary approval from the NDRC which means the government gave the principal go-ahead for the deal,” said an industry executive with direct knowledge of the government decision. NDRC, or the National Development and Reform Commission, is China’s top economic planner. (Reporting by Chen Aizhu; Jiang Yan and Carol Zhong in Hong Kong; Editing by Kim Coghill)

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