OREANDA-NEWS. November 26, 2012. Rosneft announces that it has entered into definitive agreements with BP for the purchase of BP’s 50% interest in TNK-BP in exchange for USD 17.1 billion in cash and 12.84% Rosneft shares currently held in treasury. The completion is subject to regulatory approvals, and is expected to occur in the first half of 2013, reported the press-centre of Rosneft. 

In addition, BP has entered into an agreement to purchase from Rosneft’s parent, Rosneftegaz, a further 600 million Rosneft shares, representing a 5.66% stake in Rosneft. at a price of USD 8.00 per share.

On completion of the above transactions, BP will hold a 19.75% stake in Rosneft, inclusive of its existing 1.25% interest.

Rosneft is in advanced negotiations with the AAR consortium (Alfa Group, Access Industries and Renova) (”AAR”) of a definitive agreement to acquire AAR’s 50% interest in TNK-BP pursuant to the heads of terms announced on 22 October 2012. If and when a definitive agreement is signed, an appropriate announcement will be made. The transaction with AAR is independent of the transaction with BP.