Gulf Oil and Gas accountACCOUNT

Sale of BPs 50 Percent Interest in TNK-BP to Rosneft

Source: www.gulfoilandgas.com 11/22/2012, Location: Asia

BP, Rosneft and Rosneftegaz, the state-owned parent company of Rosneft, have signed definitive and binding sale and purchase agreements (SPAs) for the sale of BPs 50 per cent interest in TNK-BP to Rosneft and BPs investment in Rosneft. BP and Rosneft agreed heads of terms for this transaction on October 22.

The SPAs were signed after the Russian Government approved BPs purchase from Rosneftegaz of a 5.66 per cent stake in Rosneft for $4.8 billion, as an integral part of the transaction.

On completion, the net result of the overall transaction will be that BP will receive $12.3 billion in cash and acquire an 18.5 per cent stake in Rosneft for its stake in TNK-BP. When combined with BPs current 1.25 per cent shareholding, this will result in BP owning 19.75 per cent of Rosneft.

Completion of the transaction is subject to certain customary closing conditions, including governmental, regulatory and anti-trust approvals. The two companies still anticipate completion in the first half of 2013.

An agreement last week between BP and AAR, the other shareholder in TNK-BP, lifted restrictions on BPs ability to engage with Rosneft before completion. BP and Rosneft have now begun discussions on how BP can best support Rosnefts strategic priorities, both as an investor and a strategic partner.

Mergers and Acquisitions News in Russia >>

United States >>  8/14/2019 - TGS-NOPEC Geophysical Company ASA (TGS) has completed its acquisition of Spectrum ASA (Spectrum), creating a leading global multi-client geophysical d...
China >>  8/12/2019 - China based offshore and subsea solutions company, COOEC Offshore, has formed an alliance with international oilfield services company, Expro. The for...

Saudi Arabia >>  8/12/2019 - Saudi Aramco and Reliance Industries Limited (RIL) have agreed to a non-binding Letter of Intent (LOI) regarding a proposed investment in the Oil to...
United States >>  8/8/2019 - Occidental Petroleum Corporation (OXY) announced the successful completion of its acquisition of Anadarko Petroleum Corporation ("Anadarko") (APC) in ...

United Arab Emirates >>  8/7/2019 - The Abu Dhabi National Oil Company (ADNOC) today announced a strategic investment in global storage terminal owner and operator VTTI BV (VTTI). As par...
India >>  8/6/2019 - BP and Reliance Industries Limited (RIL) have agreed to form a new joint venture that will include a retail service station network and aviation fuels...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 |

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.