RUSSIA

BP seals deal, Rosneft now number one

BP WILL net $US12.3 billion cash from selling its half share in Russian oil producer TNK-BP to Rosneft, as part of a deal that will make state-controlled Rosneft the biggest oil producer in the world.

Andy Graham

In return for its 50% of TNK-BP, BP will get $17.2 billion in cash and shares representing 12.84% of Rosneft. BP says it will then spend $4.8 billion buying another 5.66% of Rosneft. It says it will...

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