Russia's VTB ready to loan Qatar to buy out stake in Rosneft if needed

FILE PHOTO: VTB Bank Chief Executive Andrei Kostin attends a session of the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 16, 2016. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - VTB, Russia’s second biggest lender, is ready to provide a loan to Qatar to buy out a stake in Russian state energy company Rosneft if needed, the bank’s chief executive Andrey Kostin told reporters on Monday.

“We are always ready to loan, it’s our work,” Kostin said when asked whether the bank would be ready to provide funds to Qatar Investment Authority (QIA), the country’s sovereign investment fund, for the deal.

QIA is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. QIA would control a stake of 18.93 percent and Glencore would hold some 0.57 percent.

Reporting by Denis Pinchuk; Writing by Katya Golubkova; Editing by Polina Ivanova