Rosneft to seal TNK-BP deal in December

12/2/2012

Rosneft to seal TNK-BP deal in December

KHABAROVSK, Russia -- Rosneft will sign a binding deal in December with a consortium for the sale of their 50% stake in TNK-BP, Rosneft Chief Executive Igor Sechin said. "We have agreed the main points. There are one or two points remaining. There are no disagreements. It's technical work," Mr. Sechin said after a general meeting of the company's shareholders.

Mr. Sechin had been the driving force behind Rosneft's $55 billion acquisition of the troubled TNK-BP from BP and AAR, a consortium of Russian billionaires. Asked if he had a plan for the enlarged company, he said: "yes." He declined to elaborate, but said the brands would be kept separate. He also added that shareholder approval isn't needed for the buyout of BP and AAR's stakes in TNK-BP as the deals are separate.

"They are separate, unconnected deals," he said. On the issue of minority shareholders, Mr. Sechin said there was no need to buy them out, but "if someone wants to make an offer and it's interesting, let's bargain."

Dow Jones Newswires

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