Reuters 29 October 2012
Giant BP is set to exit its stake in the TNK-BP joint venture ahead of the AAR consortium of tycoons, when they sell out to state-controlled Rosneft, a source close to Rosneft told Reuters on Monday.
BP has struck a deal to sell its stake in the joint venture, Russia’s third-largest crude producer, after a nine-year partnership with the consortium of Soviet-born billionaires known as AAR.
Under the deal Rosneft will pay $27 billion (16 billion pounds) in cash and stock for BP’s stake, giving the British company a share of around 20 percent in the state-owned oil giant.
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