Rosneft's Moscow headquartersRosneft strikes $28B deal with AAR for TNK-BP
Rosneft has finalized an agreement to purchase AAR Consortium's (Alfa Group, Access Industries and Renova) 50% stake in TNK-BP for $28 billion, the company announced on 12 December 2012.
The deal, which was previously announced in October, was signed by representatives of Rosneft and AAR in Munich.
German Khan, member of the Supervisory Board of Alfa Group and Executive Director of TNK-BP commented: ‘This is the first time the transaction of such a scale is taking place in Russia, and the mere fact of concluding this transaction boosts Russian economy potential and reflects Russia's leading role on the global oil and gas industry.'
Rosneft president Igor Sechin said the signing allowed the company to begin integrating immediately.
Rosneft struck a deal for BP's half of TNK-BP in October. Rosneft will pay the British supermajor $17.1 billion in cash plus 12.84% in its own shares. BP will also hold two seats on Rosneft's nine-person board.
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