Glencore becomes stronger in the oil market of Russia

The largest raw trader of the world of Glencore promptly turns from the outsider into the leader in the market of the Russian oil, having managed to improve in one year the relations with the leading oil company Russian Federation Rosneft.

Thanks to $10 - the milliard transaction with Rosneft the Swiss company, already two decades playing an important role in the Russian markets of coal, grain and aluminum, strengthens positions and in the oil market, catching up with such companies as Vitol and Royal Dutch Shell. "It shouldn't be a surprise because Russia - one of the world's largest producers of raw materials, and Glencore - the world's largest trader of raw materials", - told the high-ranking source familiar with a situation. However rates of expansion of Glencore in the export market of the Russian oil are phenomenal. Several years ago the company risked to remain without the largest Russian asset - a minority share in the company of an average echelon Russneft, and its attempts of cooperation with Rosneft were unsuccessful. Glencore was the only thing from large traders and the oil companies who wasn't allowed to participate in Rosneft tenders, unlike Vitol, Shell and BP. According to sources in branch, it was partly connected with friction between the chairman of the board of directors of Rosneft Igor Sechin, the close ally of president Vladimir Putin, and oligarch Oleg Deripaska, the owner of the aluminum giant RUSAL in which Glencore had a share of actions. The situation sharply changed in May of last year when Sechin left the government and became the director general of Rosneft. In this quality it headed for consolidation of the Russian oil market, having redeemed for $55 billion the competitor of TNK-BP from BP and group of the Russian businessmen. At this moment to the forefront for Rosneft there was money. "Rosneft needed to finance the transaction, and at Glencore good relations with many banks. The company was ready to organize quickly financing for Rosneft", - told the high-ranking source. policy, economy, society