Rosneft Closes TNK-BP Deal to Become World’s Top Oil Producer

MOSCOW, March 21 (RIA Novosti) – Russia’s state-owned Rosneft put the final touches to its takeover of TNK-BP on Thursday to become the world’s largest publicly traded oil company. The deal for the purchase of TNK-BP from Britain’s BP and the AAR consortium of Russian billionaire shareholders places Rosneft ahead of Exxon Mobil and Royal Dutch Shell in terms of crude production. “Rosneft and BP today completed a number of transactions, in line with the terms announced in October 2012,” Rosneft said in a statement. BP is receiving a net payment of $12.5 billion in cas…

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