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Rosneft Close to Announcing Decision on TNK-BP Takeover

TNK-BP is a joint venture company between BP and a group of Russian billionaire oligarchs, known as AAR, after the three business groups that make up the consortium: Alfa Group, Access Industries and Renova Group. The company has been very profitable for all parties involved, yet it has also been subject to lots of infighting which has led BP to look for an exit, or new partners, for years.

In July, BP announced that it had started talks with Rosneft, the Russian state owned oil company, to sell its half of TNK-BP for an estimated $30 billion.

Rosneft has made no secret of that fact that it wants to expand its oil and gas empire in Russia.

Now the AAR has also opened talks with Rosneft for the sale of their $28 billion stake in TNK-BP.

This has worked out very well for BP, because no matter whom Rosneft does a deal with BP will get out of its partnership with the AAR and form a stronger bond with Rosneft.

It is unknown whether Rosneft wants to buy the cheaper half of TNK-BP or in fact all of it, although an investment banker with knowledge of the deals doesn’t believe that Rosneft has enough money to buy out both partners, leaving the option to offer its own shares as payment.

An announcement is expected to be made by Rosneft today.

By. James Burgess of Oilprice.com



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