Global diversified miner Glencore has divested its 14.16% stake in Russian integrated energy company Rosneft to a wholly-owned subsidiary of Qatar Investment Fund (QIA) for €3.7bn.

In 2016, the Qatar’s sovereign investment fund and Glencore have jointly purchased 19.5% stake in Rosneft for $12.2bn.

The sale, which was a part of the Russian firm’s partial privatization, involved Rosneft’s activities including prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing.

Last year, the Glencore-QIA consortium agreed to sell 14.16% stake in Rosneft to CEFC China Energy in a deal worth $9.1bn.

Glencore said it would also sign a new five-year offtake agreement with Rosneft for an additional 220,000 barrels a day for its marketing business.

Later, the consortium, without disclosing the reason, said it would no longer proceed with the deal to sell 14.16% stake to the Chinese group.

As a result, Glencore said that the stake in Rosneft, which was intended to be sold to CEFC, will be transferred to a subsidiary of the QIA.

At that time, Glencore said in a statement: “On completion of the transaction, the consortium will be wound up and the margin guarantees provided by Glencore will be terminated.