Glencore sells down stake in Russia’s Rosneft

Glencore has sold most of its stake in Russian oil giant Rosneft to a Chinese firm, less than a year after stunning the City with the €10.2bn (£8.6bn) buy. The FTSE 100 firm said it was selling a 14.16pc stake in the Russiancontrolled firm, together with joint venture partner Qatar Investment Authority, to CEFC China Energy. Prior to the sale, thought to be valued at €7.5bn, the pair had held a 19.5pc stake in Rosneft.