Once Struggling Glencore Pivots Toward Oil and Buys a Stake in Rosneft
Glencore makes a move toward oil, buying a stake in Russia's biggest oil producer.
Once struggling Glencore makes a play for oil, buying a 19.5% stake in Rosneft, Russia's biggest oil producer. The deal comes only seven days after Glencore reinstated its dividend, following its year long recovery from a short selling crisis. The Deal's Paul Whitfield says the deal will massively boost the profile of oil at Glencore, as it comes with a guaranteed 220,000 barrels a day over five years. Whitfield thinks oil is an area that's becoming more important for the company, and it's an area to watch.
