Gulf Oil and Gas accountACCOUNT

Sale of BP’s 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 BP’s 50 per cent interest in TNK-BP to Rosneft and BP’s 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 BP’s 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 BP’s 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 BP’s ability to engage with Rosneft before completion. BP and Rosneft have now begun discussions on how BP can best support Rosneft’s strategic priorities, both as an investor and a strategic partner.

Mergers and Acquisitions News in Russia >>

India >>  4/17/2019 - Saudi Aramco is in “serious discussions” to acquire a 25 percent stake in the refining and petrochemical businesses of India’s Reliance Industries, ac...
Japan >>  4/17/2019 - Reliance Ethane Holding Pte. Ltd. (“REHPL”) (incorporated in Singapore, a wholly owned subsidiary of Reliance Industries Limited (“RIL”), having 100%...

Malaysia >>  4/15/2019 - PETRONAS has entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100% interest in Amplus Energy Sol...
Saudi Arabia >>  4/15/2019 - The Saudi Arabian Oil Company (Saudi Aramco) and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for Saudi Aramc...

United Arab Emirates >>  4/15/2019 - Twelve Seas Investment Company (Twelve Seas) (TWLV), a company formed for the purpose of entering into a business combination, and a United Arab Emira...
United States >>  4/12/2019 - Chevron Corporation has entered into a definitive agreement with Anadarko Petroleum Corporation to acquire all of the outstanding shares of Anadarko i...

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 |

More News

Related Links

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