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In the past, Rosneft had gone to major Western banks, such as Deutsche Bank and JP Morgan, to finance transactions, but the big international lenders have announced no major new loan deals with Rosneft since sanctions were imposed in 2014. In stepped Intesa Sanpaolo, a mid-sized Italian lender which had little experience in large Russian corporate deals. By early December, 2016, financing for the deal was falling into place. The buyers put in some of their own money: Qatar gave 2.5 billion euros and Glencore 300 million euros.
The rest was debt, of which Intesa put up 5.2 billion euros, The balance, according to Glencore at the time, would come from unnamed Russian banks, The amount coming from the Russian banks was about $2.5 billion, Two banking sources close to Rosneft told Reuters that VTB was one of the banks that between them put up $2.5 billion in loans back in 2016, Those sources said the initial cufflinks gold other Russian banks involved were Gazprombank and Otkritie, which, like VTB, have Kremlin connections, although Otkritie was privately held at the time..
It is not clear what share of the $2.5 billion each of the three banks contributed. That contribution from VTB toward the $2.5 billion was separate to around $6 billion that, according to the nine sources, VTB provided to Qatar this year. In response to questions about the initial $2.5 billion in loans, VTB said it did not provide financing but it was the coordinating bank on behalf of Rosneft. Otkritie declined to comment. Gazprombank did not respond to questions. For the larger portion of the financing — the 5.2 billion euros loaned by Intesa — the Italian bank’s intention was to syndicate the loan, a common industry practice designed to spread the risk and dilute the burden on the bank’s own capital.
But two banking sources and a source familiar with the Italian side of the deal said the syndication failed because European banks approached by Intesa were worried about the risk that providing finance for Rosneft, even if indirectly, would result in them falling foul of Western sanctions on Russia, Rosneft and Sechin are both subject to U.S, sanctions, Intesa declined to initial cufflinks gold comment, At the time of the December 2016 announcement and in the weeks afterwards, Russian officials spoke publicly of a long-term partnership with the new Rosneft shareholders, Qatar and Glencore..
But it became clear that the agreement was still in flux when, in September 2017, Sechin said a deal had been signed for Chinese energy firm CEFC to buy 14.2 percent of Rosneft from Qatar and Glencore. Explaining why the original deal had not stuck, he told Russian state television the new shareholders were finding the cost of servicing the debt too high. The Chinese deal though, was never closed. Before it was sealed, CEFC’s founder and chairman Ye Jianming was taken in for questioning and investigated by Chinese authorities for suspected economic crimes.
Since then there has been no word on the status of the investigation, or if Ye has been charged, He initial cufflinks gold was named, however, in a high-profile graft trial of a senior Communist Party official, state broadcaster CCTV reported last month, Neither Ye nor CEFC responded to calls from Reuters seeking comment, Once again, Sechin was in search of a buyer, Finally, in May this year, Qatar agreed to take on the part of the stake that had been covered by Intesa, Officially, no one has said how the new deal with Qatar is being financed, or who is providing the finance..
It is clear that Intesa’s role has ended. A document dated Sept. 6, 2018 and lodged with Singapore’s official business register, where the vehicle that held the stake on behalf of Qatar and Glencore is registered, stated that Intesa had ceased to be the creditor for the stake and no longer held shares as collateral. The document did not state who was the new creditor. According to the nine sources familiar with the arrangement, that new creditor is VTB. At a reception at the Italian embassy in Moscow last November to receive an award “for services to Italy”, Sechin, champagne glass in hand, linked arms with a grey-haired Russian man in fashionable glasses.
BERLIN (Reuters) - Germany has earmarked 1 billion euros ($1.2 billion) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries, three sources told Reuters, The measures, expected to be announced next week, are designed to reduce the dependence of German carmakers on Asian electric vehicle (EV) battery suppliers and protect German jobs at risk from the shift away from combustion engines, Berlin’s push to shape industrial policy marks a break with its generally “hands off” approach to business decisions and is part of European efforts to forge battery alliances initial cufflinks gold to counter the dominance of Chinese, Japanese and Korean firms..