State Russian group ROSNEFT signed an agreement to acquire 50% participation of the company British Petroleum (BP) in the TNK-BP consortium, for approximately 26 billion dollars in cash and shares.
This is the biggest acquisition of a company from Russia in the country’s history, according to Bloomberg.
The assets sale, the highest in 13 years for BP, is part of transformation strategy after the 2010 oil pollution disaster in the Gulf of Mexico.
For Rosneft, which will take over the remaning 50% shares of TNK-BP, the acquisition will increase oil and gas production to 4.5 million barrels per day, on a par with Exxon.
Despite the fact that TNK-BP Holding’s history has been marked by frequent conflicts between BP and its Russian partners, the association proved to be extremely profitable, the income earned from dividends by BP in 2003 totalizing over $19 billion.