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Russia: Rosneft buys BP’s half of TNK-BP

By  |  October 22, 2012

Russia’s top oil company Rosneft has announced a $55 billion deal to buy BP’s share of TNK-BP, who will subsequently be made a one-fifth Rosneft shareholder in an agreement that puts two BP seats on Rosneft’s board. The deal would pull Rosneft ahead of Exxon Mobil in gas- and oil-flow, and allows the company to further explore Russia’s oil reserves. Under the agreement, Rosneft will buy BP’s half of TNK-BP for $12.3 billion and 18.5 percent of the Russian gas giant.

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