Rosneft and AAR Consortium sign sale and purchase agreement for the 50% stake in TNK-BP

Dec 12, 2012, 09:17 ET from AAR Consortium

MOSCOW, Dec. 12, 2012 /PRNewswire/ -- Rosneft and the consortium of Alfa Group, Access Industries and Renova (AAR) today signed a sale and purchase agreement for the 50% stake in TNK-BP.  The transaction price is set on the basis of the valuation of AAR's TNK-BP stake at $28 billion. Completion of the deal is expected in the first half of 2013 after receiving approvals from Russian and EU antimonopoly regulators.

Commenting on this agreement, Rosneft President Igor Sechin said: "We consider the acquisition of TNK-BP to be strategically attractive for the shareholders of Rosneft. The agreements signed today enable Rosneft to fully consolidate the business it is acquiring and realize significant synergies. The agreements reached put us in the position to immediately begin preparing the integration process."

Viktor Vekselberg, Chairman of the Board of Directors of Renova Group, said: "Through this transaction, Rosneft acquires not only high-quality oil and gas assets, but also a unique corporate culture and operating experience accumulated by TNK-BP during the decade of the existence of our joint venture.  These will no doubt help the transformation of Russia's largest oil company into a global leader."

TNK-BP Executive Director and member of the Board of Alfa Group German Khan said: "A deal of this scale has never been done in Russia. The very fact that it is taking place attests to the growing potential of Russia's economy, and reflects Russia's leading role in the global oil and gas industry."

In an additional comment, Len Blavatnik, Chairman of Board of Directors of Access Industries, said: "We are very proud of what we have been able to achieve at TNK-BP during the past decade, and wish continued success to Rosneft, which stands to benefit from adding these high-quality assets to its portfolio."

SOURCE AAR Consortium