QIA Restates its Position Following Inaccurate Reporting of Rosneft Transaction

PR68838

LONDON, June 8 /PRNewswire=KYODO JBN/ -

The Wall Street Journal has today published an inaccurate story alleging that

the recent purchase of 19.5% of Rosneft Oil by Glencore and Qatar Investment

Authority ("QIA") included an agreement for Russia to buy back the shares. The

newspaper's characterisation of the transaction, and the provisions associated

with it, are wholly based on unfounded and ill-informed allegations.

Before publication of the story, both Glencore and QIA informed the WSJ that

the allegation of a buy back arrangement was untrue. QIA provided the newspaper

with the following on-the-record statement:

"Under the contractual arrangements under which the Rosneft shares were sold,

there is no right of Rosneft, Rosneftegaz or the Russian government to buy back

the Rosneft shares, directly or indirectly.  The consortium alone controls the

future ownership of these shares."  

"In structuring and completing the Rosneft transaction, QIA was advised by

leading international law firms, accountants and investment bankers.  

Consistent with QIA policy, QIA and its advisors took care to ensure that the

transaction was fully compliant with all US and EU sanctions and otherwise in

accordance with all applicable laws and regulations."  

QIA also noted:

"Qatar Investment Authority ("QIA") is a global financial investor whose

mandate is to generate returns over the long term for the benefit of the people

of Qatar.  QIA invests globally and across all asset classes with the objective

of creating value.  The investment in Rosneft is an opportunity to realise such

value, and is fully aligned with the QIA's broader investment strategy. "

Glencore's on-the-record statement to the WSJ read:

"The transaction did not include an option or agreement for Rosneft,

Rosneftegaz or the Russian state to buy the stake or parts of the stake

acquired by the Consortium."

Contacts:

Katharine Spence (Brunswick)

Jonathan Glass (Brunswick)

David Litterick (Brunswick)

Tel: +44-20-7404-5959

SOURCE: Qatar Investment Authority (QIA)