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Russia: Rosneft to bid for country’s third largest oil producer TNK-BP

By  |  October 19, 2012

Rosneft, a state owned oil company, submitted a bid yesterday for the proposed acquisition of TNK-BP, Russia’s third largest oil producer, by buying 50 percent of TNK-BP for a mix of cash and shares that values the whole venture at $50 billion to $56 billion. This deal will make Rosneft a dominant force in Russia’s oil market. This venture would raise Rosneft’s crude production to about 4 million barrels a day, and boost its market value to rival Gazprom.

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