In its last quarterly profits report from 2012, BP announced it would receive $11.6 billion (instead of the originally announced $12.3 billion) from its sale of TNK-BP to Russian oil major Rosneft in one of the largest share-swap deals of the century. BP explained the move as resulting from $709 million in dividends it had received from TNK-BP that won’t be used before the deal is complete.
The deal foresees BP acquiring 12.84% of Russia’s largest oil company and $17.1 billion for its share of TNK-BP, $4.8 billion of which it will pay for another 5.66% of Rosneft. Therefore Rosneft will owe BP a total of $16.4 billion.
This is positive news for the Russian oil major; its debts will be lower than originally predicted, noted Investkafe analyst Yulia Voitovich.
All rights reserved by Rossiyskaya Gazeta.
to our newsletter!
Get the week's best stories straight to your inbox