|26 January, 2017

Qatar investment in Russia to bolster OPEC, non-OPEC ties - Barkindo

Russia, OPEC have teamed up in global oil output cut; Qatar, Glencore bought 19.5% stake in Rosneft

Image used for illustrative purpose. A worker checks a pressure gauge at an oil pumping station near the Rosneft company owned Suzunskoye oil field, north from the Russian Siberian city of Krasnoyarsk, March 26, 2015. REUTERS/Sergei Karpukhin

Image used for illustrative purpose. A worker checks a pressure gauge at an oil pumping station near the Rosneft company owned Suzunskoye oil field, north from the Russian Siberian city of Krasnoyarsk, March 26, 2015. REUTERS/Sergei Karpukhin

REUTERS/Sergei Karpukhin


By Olesya Astakhova

MOSCOW, Jan 26 (Reuters) - Qatar's investments in Russia will further strengthen ties between the Organization of the Petroleum Exporting Countries and non-member oil producers, OPEC Secretary-General Mohammed Barkindo told Reuters.

The Qatar Investment Authority (QIA) and global commodities trader Glencore have bought a 19.5 percent stake in Russia's Rosneft , the world's top listed oil company by output.

At a meeting with the heads of Glencore, Italian bank Intesa and the sovereign wealth fund QIA in the Kremlin on Wednesday, Russian President Vladimir Putin said Qatar would take part in hydrocarbon production in Russia.

"This investment project will further strengthen OPEC and non-OPEC relations," Barkindo told Reuters in written comments on Thursday. "The investment (Rosneft deal) is very strategic for all the parties involved."

In an effort late last year to boost oil prices, Russia and OPEC agreed to cut crude production jointly in the first such pact in more than a decade.

This month, Russia will reduce its output by 100,000 barrels per day as part of the deal.

"It's teamwork. Everybody worked very hard, especially Russia," Barkindo said.

(Writing by Katya Golubkova; Editing by Dale Hudson) ((ekaterina.golubkova@thomsonreuters.com; +7 495 775 1242;))

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