…Russia and the monster. "Rosneft" has officially bought the "TNK-BP", increasing its annual production of black gold to the level of Iran. Thus, the Russian oil giant is the world’s largest oil and gas
Rosneft acquires 100% stake in TNK-BP, a consortium AAR and the British oil company BP. The signing of the agreement on Monday the head of Rosneft, Igor Sechin at a meeting with President Vladimir Putin. The total amount of the transaction Sechin estimated at 61 billion dollars.
"At the end of last week and early this week we completed the main negotiations, and I can report that the share purchase agreement signed by BP (TNK-BP) by Rosneft" — quoted him as saying, "Interfax". Sechin said "active" and a private shareholder — AAP. Since the consortium was reached a similar agreement on the principles for the acquisition of their shares.
Shortly before the statement Sechin Rosneft announced the signing of an agreement on the basic terms of the deal with BP to acquire a 50 percent stake in TNK-BP in exchange for 17.1 billion dollars in cash and 12.84% of Rosneft’s shares, which are currently in treasury.
Due to the proposed transaction BP has also made an offer to repurchase 600 million shares of additional NK "Rosneft", constituting 5.66% stake in Rosneft in, her parent company of "Rosneftegas" at the price of $ 8 per share. "Rosneftegas can take this forward to the December 3, 2012," — said in a press release Rosneft.
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In view of the information available to BP’s stake in Rosneft 1.25% after the completion of the acquisition of the British company will own a 19.75% stake in Russian. With this equity participation BP is expected to be able to rely on the inclusion in the reporting of its share in the profits, production and reserves Rosneft on the principle of equity.
In addition, it will enable BP to appoint two members of the Board of Directors of Rosneft nine.
The company has also agreed to the deal with the AAR consortium to acquire a 50 per cent share of AAR in TNK-BP for $ 28 billion. This transaction is fully independent of the agreement with BP, the report says Rosneft.
Vladimir Putin hopes that Rosneft will be able to build a partnership with BP, especially because "the company is working with us for a long time" and "proved positive." "This is a nice, big deal, which is needed not only for the Russian energy sector, but also for the entire Russian economy", — said the head of state. However, he approved the conditions under which BP will acquire the shares of Rosneft. "The price of shares in Rosneft — good", — Putin said.
Emphasis on the "deal of the century" on Monday paid the foreign press. In particular, the British The Sunday Times writes that this will be the most significant English-Russian business transaction in recent years, which firmly connects the future of BP with Rosneft. TNK-BP is buying full, Rosneft will be the largest public company in the world for oil and gas. By some estimates, half the reserves of the company exceed U.S. stocks Exxon Mobil. Bloomber Experts predict that oil and gas producers Rosneft surpass all Middle Eastern countries except Saudi Arabia.