Glencore International AG

Glencore cancels proposed sale of stake in Russian oil co.

Commodities giant Glencore says it is terminating a proposed deal to sell nearly all its stake in Russian oil company Rosneft to a Chinese energy company.

Baar, Switzerland-based Glencore said Friday that it has sent notice to CEFC China Energy Company Ltd. that the deal has been canceled.

Representatives from Glencore and its partner in the deal, Qatar Investment Authority, the Persian Gulf emirate's sovereign wealth fund, declined to comment Saturday on why the proposed deal is being terminated.

The moves comes about two months after news outlets in China reported that Ye Jianming, chairman of CEFC Energy, had been detained for questioning amid a sprawling...

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