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Rosneft Consolidates 100% of TNK-BP


Rosneft today announces the completion of transactions to acquire TNK-BP. Rosneft has finalised the deals to acquire BPs 50% share in TNK-BP in exchange for $16.65 billion in cash and 12.84% of Rosneft shares. Separately BP acquires 5.66% of Rosneft shares from OFSC ROSNEFTEGAZ.

As a result of these transactions BP has received 12.48 billion in cash (including a $0.71 billion dividend it received from TNK-BP in December 2012) and, together with its existing 1.25% shareholding in the company, now holds 19.75% in Rosneft.
In correspondence with separate agreements Rosneft has finalized the deal of acquiring AARs 50% share for cash consideration of $27.73 billion. The above mentioned sums payed for acquiring of TNK-BP shares from BP and AAR are calculated basing on the terms of purchase price formation, stipulated by the corresponding purchase agreement.

Upon completion of a number of independent transactions Rosneft has consolidated 100% of TNK-BP and has become the largest publicly traded oil and gas company in the world by hydrocarbon reserves and production.

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