Rosneft signs definitive agreements to acquire a 50% stake in TNK-BP from BP

11/26/2012

Rosneft signs definitive agreements to acquire a 50% stake in TNK-BP

MOSCOW -- Rosneft has entered into definitive agreements with BP for the purchase of BP’s 50% interest in TNK-BP in exchange for $17.1 billion in cash and 12.84% Rosneft shares currently held in treasury. The completion is subject to regulatory approvals, and is expected to occur in the first half of 2013.

In addition, BP has entered into an agreement to purchase from Rosneft’s parent, Rosneftegaz. On completion of the transactions, BP will hold a 19.75% stake in Rosneft, inclusive of its existing 1.25% interest.

Rosneft is in advanced negotiations with the AAR of a definitive agreement to acquire AAR’s 50% interest in TNK-BP pursuant to the heads of terms announced on 22 October 2012. If and when a definitive agreement is signed, an appropriate announcement will be made. The transaction with AAR is independent of the transaction with BP.

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