Glencore’s chief Ivan Glasenberg and a top executive from Qatar’s state wealth fund QIA will likely join the board of Russia’s Rosneft this year, according to sources.
Swiss-based Glencore and Qatar bought 19.5 % in the Kremlin oil major in December 2016 for more than $10.6 billion.
Sources say Rosneft has now nominated Glencore CEO Glasenberg alongside a QIA representative to the board.
They are said to be elected at the firm’s annual general meeting before the end of June 2017.
The sources did not name a QIA representative.
Rosneft’s board is run by Chairman and Chief Executive Igor Sechin, one of President Vladimir Putin’s closest allies.
If sources prove right, Glasenberg will join the head of BP Bob Dudley who has sat on the board for a number of years since the British oil major bought a 19 % stake in Rosneft.
Bob Dudley remained a board member even after the United States and the European Union slapped sanctions on Rosneft and personally on Igor Sechin.
The Rosneft stake sale to Glencore and Qatar’s QIA is one of the biggest privatisation transactions since the fall of the Soviet Union.
