AAR to invest main proceeds from TNK-BP sale in Russia


AAR to invest main proceeds from TNK-BP sale in Russia

MOSCOW -- The AAR consortium of Soviet born billionaires will invest the main proceeds from a sale of stake in Russo-British oil venture TNK-BP into Russia's economy, citing an AAR statement.

The decision was announced less than a week after Russia's President Vladimir Putin urged the AAR consortium, which sold its stakes in TNK-BP to Rosneft, to reinvest the proceeds domestically. Rosneft in October 2012 agreed to buy out BP and the AAR in a deal worth a total of $55 billion, the largest takeover in Russia's post Soviet history. The AAR tycoons Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik will get more than $28 billion when the deal closes in the first half of 2013.

Rosneft said it had raised $16.8 billion in bank loans and was also planning to sign a trade finance package with two international oil traders to finance the buyout of TNK-BP.

Dow Jones Newswires

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