CEFC China Energy will take out short-term loans worth $5.1bn from Russia's VTB, in order to enable its $9.1bn acquisition of a 14.16% stake in Rosneft Oil. The deal is expected to be completed by the end of this year. Two sources said the loan would be for one year, with one saying the tenure could be extended by another year. The move would strengthening ties in the energy sector between Russia and China. “CDB is very actively engaged in discussions for the follow-up loans, ready to shoulder 70 percent or more of the value”, said an anonymous source.
CEFC China Energy will take out short-term loans worth $5.1bn from Russia's VTB, in order to enable its $9.1bn acquisition of a 14.16% stake in Rosneft Oil. The deal is expected to be completed by the end of this year. The move would strengthening ties in the energy sector between Russia and China. “CDB is very actively engaged in discussions for the follow-up loans, ready to shoulder 70 percent or more of the value”, said an anonymous source.