Financial Times: Rosneft to take full control of TNK-BP

Rosneft doubled up its bet on BP’s Russian joint venture on Monday, agreeing to pay $55bn for 100 per cent of the oil producer in a deal that will make it the world’s largest publicly traded energy company and tighten the Kremlin’s grip on Russia’s energy sector.

Rosneft will buy out both of TNK-BP’s current owners – BP and a consortium of oligarchs known as Alfa-Access-Renova – in the largest global mergers-and-acquisitions transaction since 2010 and the biggest oil industry deal in a decade. It catapults Rosneft into the premier league of international oil majors with production of 4.6 million barrels of oil equivalent a day – way ahead of listed rivals such as Petrochina and Exxon Mobil.  MORE