Russian state holding company Rosneftegaz on Saturday signed a deal with the Qatar Investment Authority and commodities trader Glencore to sell a 19.5 percent stake in state-owned oil major Rosneft, Rosneft said on Wednesday in an announcement by Rosneft in a meeting with President Vladimir Putin and reported by Reuters.
Rosneft said in a statement the budget would receive $11.37 billion from the sale, including more than $290 million in additional dividends from Rosneftegaz.
It said the additional dividends were due to a change in its dividend policy, according to which it will pay at least 35 percent of net profit according to international accounting standards in payouts twice a year.
Rosneft confirmed that Italian bank Intesa SanPaolo was a major creditor for the deal and said it would be closed by the middle of December. A Rosneft source said Intesa and a syndicate of four or five key banks would provide 7 billion euros of financing.
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