Rosneft Approves $14.2B Deal to Buy TNK-BP

Rosneft Approves $14.2B Deal to Buy TNK-BP

Russia's Rosneft announced Wednesday that its board of directors has approved a $14.2 billion financing deal to pay for the acquisition of 50 percent of TNK-BP.

The firm said its board met Monday to make the decision to execute the financing from a group of international banks in order to purchase shares owned by the Alfa-Access-Renova (AAR) consortium.

The meeting also saw the directors agree to expand its cooperation with ExxonMobil and to remove Gani Galiyev from its management board, while appointing two new members: Vice President Yuri Kalinin and acting VP Andrey Votinov. 

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