BP and AAR Close Slavneft Transaction

BP has completed the deal to include Alfa Group and Access-Renova's (AAR's) 50 per cent interest in Slavneft into TNK-BP. Completion of the Slavneft transaction follows receipt of regulatory approvals, including clearance from the European Union.

BP said it has paid some $1.4 billion in cash to AAR. This includes interest charges covering the period from when the transaction became effective on May 1, 2003.

TNK-BP and Sibneft, the other main owner of Slavneft, will continue to work together to finalize an agreement to split the main assets of Slavneft between them.