Rosneft buying 100% of TNK-BP

Rosneft has concluded an agreement with BP and Russia's Alfa Access Renova (AAR) consortium (Alfa Group, Access Industries, and Renova) on the complete purchase from the TNK-BP shareholders of 100 percent of that company's stock, Rosneft chief Igor Sechin said during a meeting with President Vladimir Putin.

"At the end of last week and the beginning of this, we completed the main negotiations, and I can report that an agreement for Rosneft to buy BP's stake [in TNK-BP] has been signed," Sechin said.

"We did active work also with the private shareholder AAR, and an analogous agreement was reached on the principles for the acquisition of their stake," he said.

BP and AAR own TNK-BP on an equal footing. Disputes have arisen between the shareholders on several occasions. AAR managed in 2011 to get a court to block a deal approved at the highest level between BP and Rosneft to swap shares and to operate in the Arctic.

The purchase of TNK-BP will turn Rosneft into the world's biggest publicly traded oil company, leaving ExxonMobil behind.

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