$55B Deal Gives Rosneft Full Control Of BP Russian Oil JV

Law360, New York (October 22, 2012, 5:28 PM EDT) -- OAO Rosneft on Monday unveiled a $54.8 billion plan to take full control of smaller competitor TNK-BP Ltd. from parents BP PLC and a group of Russian oligarchs, a move that reinforces state-run Rosneft's position at the top of the Russian oil industry.

The deal — which will see BP become Rosneft's largest shareholder behind the Russian government — is the third-largest oil and gas transaction on record, according to the published transcript of a Monday meeting at the Kremlin between Rosneft CEO Igor Sechin and...
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