Russian giant Rosneft said yesterday it had completed the £34billion deal for TNK-BP, making it the world’s largest listed oil producer.
Rosneft closed two deals with BP – which now has a stake in the Russian State-owned company – and the UK operator’s joint-venture partners, a consortium of billionaires. TNK-BP was Russia’s third largest crude producer before Rosneft bought BP’s share for £10.7billion cash and £6billion of shares and a £17.3billion agreement with the AAR consortium for its half.