Rosneft finalises deal to buy TNK-BP stake from AAR
The AAR consortium, representing Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, will exit the business, finally putting an end to any speculation that they might have won an equity interest in Rosneft via the deal. British oil major BP, which entered a lucrative but rocky partnership with the tycoons in 2003, has already signed a binding agreement to sell its one-half stake in TNK-BP to Rosneft for $27 billion in cash and Rosneft stock.
"As we work towards closing this transaction, I am confident that this deal benefits all stakeholders and is ultimately good for the future of the entire Russian oil and gas industry," Fridman said in a statement.
The deal will hand Rosneft control over 40 percent of oil output in Russia, the world's top oil producer, while BP will finally get to team up with the Kremlin after years of trying to escape its dysfunctional partnership with the oligarchs.
The deal was announced during a speech to parliament by President Vladimir Putin, who vowed to fight capital flight, running at $80 billion per year, and use of offshore
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