Glencore turfs proposed deal to sell oil company stake to Chinese energy company

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

Switzerland-based Glencore says it has sent notice to CEFC China Energy Company that the deal has been cancelled.

A Glencore spokesman declined to say why the proposed deal is being terminated.

Glencore announced in September that it and the Qatar Investment Authority had agreed to jointly sell a 14 per cent stake in Rosneft to the CEFC for nine-billion dollars.