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BP signs deal to sell TNK-BP stake to Rosneft and buy share in Rosneft

2:37 AM MST | November 23, 2012 | Natasha Alperowicz

BP, Rosneft (Moscow) 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% interest in TNK-BP (Moscow) to Rosneft and BP’s investment in Rosneft. BP and Rosneft agreed heads of terms for this transaction on 22 October. The SPAs were signed after the Russian government approved BP’s purchase from Rosneftegaz of a 5.66% stake in Rosneft for $4.8 billion, as part of the transaction. BP, on completion will receive $12.3 billion in cash and acquire...

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