OREANDA-NEWS. December 19, 2012. The Rosneft Board of Directors met and considered the approval of a major deal on the acquisition of a 50% stake in TNK-BP Limited and TNK Industrial Holdings Limited from Alfa Petroleum Holdings Limited and OGIP Ventures.

The Board of Directors set the price of the deal at USD 28 billion plus interest at 3.75% p.a. on the total of USD 28 billion for the period running from 16 October 2012 through the deal closure date inclusive. The Board also approved the closing of this deal.

These decisions were taken in accordance with Russian government directives.

Also in regards to Rosneft’s involvement in commercial organizations and the conclusion of deals that entail or may entail the Company taking on obligations equal to or in excess of the equivalent of USD 500 million, the Board of Directors ruled on Rosneft’s participation in a joint venture set up with La Corporacion Venezolana del Petroleo S.A. on the conditions set down in the following documents:

The memorandum of understanding on the Carabobo 2 project between Rosneft and Venezuelan oil company Corporacion Venezolana del Petroleo S.A.;

The agreement on the payment of a bonus between Rosneft and the Bolivarian Republic of Venezuela, represented by the People’s Ministry of Petroleum and Mining;

The agreement on the creation and management of a joint venture to operate the Carabobo 2 project between Rosneft and the Venezuelan oil company Corporacion Venezolana del Petroleo S.A.;

The loan agreement between Rosneft and the Venezuelan oil company Corporacion Venezolana del Petroleo S.A.