BP sells 50 per cent interest in TNK-BP Rosneft

BP sells 50 per cent interest in TNK-BP to Rosneft

10:17 AM, 23rd November 2012
BP sells 50 per cent interest in TNK-BP to Rosneft

LONDON, UK: BP, Rosneft and Rosneftegaz, the state-owned parent company of Rosneft, have signed definitive and binding sale and purchase agreements for the sale of BP’s 50 per cent interest in TNK-BP to Rosneft and BP’s investment in Rosneft. BP and Rosneft agreed heads of terms for this transaction on 22 October 2012. The agreement was signed after the Russian Government approved BP’s purchase from Rosneftegaz of a 5.66 per cent stake in Rosneft for $4.8 billion, as an integral part of the transaction.

On completion, the net result of the overall transaction will be that BP will receive $12.3 billion in cash and acquire an 18.5 per cent stake in Rosneft for its stake in TNK-BP. When combined with BP’s current 1.25 per cent shareholding, this will result in BP owning 19.75 per cent of Rosneft.  

Completion of the transaction is subject to certain customary closing conditions, including governmental, regulatory and anti-trust approvals. The two companies still anticipate completion in the first half of 2013.

An agreement last week between BP and AAR, the other shareholder in TNK-BP, lifted restrictions on BP’s ability to engage with Rosneft before completion. BP and Rosneft have now begun discussions on how BP can best support Rosneft’s strategic priorities, both as an investor and a strategic partner.

© WOC News 

 

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