CEFC China Energy, which has grown from a niche oil trader to a sprawling energy conglomerate, is in talks to acquire a stake in Russian state oil giant Rosneft, three people with direct knowledge of the discussions said.
The people said senior executives at both companies were in preliminary discussions, though there have already been two meetings between CEFC Chairman Ye Jianmin and Rosneft CEO Igor Sechin since July.
It was not clear how much CEFC would invest in Rosneft, nor if the Chinese group would buy new shares or existing stock in the parent company. One source said it would sell CEFC a stake in its retail business.
