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Rosneft Finalizes Acquisition Of TNK-BP

Russian President Vladimir Putin (center), Rosneft CEO Igor Sechin (right), and TNK-BP Managing Director Robert Dudley (second from left) during a meeting in Novo-Ogarevo on March 21.
Russia's state-controlled Rosneft has announced it has finalized deals to gain control of TNK-BP and become the world's largest publicly traded oil producer.

Rosneft said on March 21 that it wrapped up the deal to acquire 50 percent of TNK-BP for $27.7 billion from a consortium of Russian shareholders.

The other half of TNK-BP -- Russia's third-largest oil and gas producer -- was purchased by Rosneft from BP for $16.7 billion and 12.84 percent of Rosneft shares.

Separately, BP purchased an extra 5.7 percent in Rosneft from the state Rosneftegaz company, raising its stake to just under 20 percent.

President Vladimir Putin met with Rosneft CEO Igor Sechin and BP CEO Bob Dudley to congratulate them on closing the deal.

Based on reporting by AP and Reuters