Rosneft finalizes plans to buy AAR's half of TNK-BP

OAO Rosneft finalized plans to buy a 50% stake in TNK-BP from the AAR Consortium (Alfa Group, Access Industries, and Renova Group) for $28 billion as outlined in a previously announced agreement in principle.

Separately, Rosneft recently finalized plans with BP PLC for Rosneft to buy the other half of the Russian oil venture in cash and stock in a deal similar to the AAR pact. BP will own nearly 20% interest in Rosneft and have two representatives on the board (OGJ Online, Nov. 26, 2012).

Closing of Rosneft’s acquisition from AAR, subject to approvals from Russian and European antitrust regulators, is expected during first-half 2013. Rosneft Pres. Igor Sechin said his company planned to begin the integration process as soon as possible.

German Khan, member of the Alfa Group supervisory board and TNK-BP executive director, said the transaction is expected to boosts Russian economy potential and reflect “Russia’s leading role on the global oil and gas industry.”

Related Articles

Total, InterOil close Papua New Guinea deal

03/26/2014 InterOil and Total SA have finalized a revised sales and purchase agreement for the Elk-Antelope gas-condensate field in petroleum retention licenc...

Gorder named Valero chief executive officer

03/25/2014

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected