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BP-Rosneft deal for TNK-BP stake advances

BP PLC has signed definitive agreements under which it will sell its half-interest in TNK-BP to Rosneft and increase its holding in Rosneft to 19.75% (OGJ Online, Oct. 22, 2012).

The agreements with Rosneft and Rosneftegaz followed approval by the Russian government of BP’s planned purchase of a 5.66% interest in Rosneft from Rosneftegaz for $4.8 billion.

That purchase will follow BP’s sale of TNK-BP stake for $17.1 billion in cash and shares representing 12.84% of Rosneft.

BP now holds 1.25% of Rosneft.

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