Russian government approves TNK-BP takeover by RosneftNovember 22, 2012 - 16:49 AMT PanARMENIAN.Net - The Russian government has given its approval for state-controlled oil giant Rosneft to buy 100 percent of TNK-BP from British oil major BP and the AAR consortium of Russian billionaire shareholders, Deputy Prime Minister Arkady Dvorkovich said on Thursday, Nov 22, according to RIA Novosti. “All the directives related to these deals have been approved by the government,” Dvorkovich said. Under the terms of the deals announced in October, BP will receive $17.1 billion in cash for its 50 percent stake plus stock representing 12.84 percent of Rosneft’s shares, while the AAR consortium of Soviet-born billionaire shareholders will sell its 50 percent stake in the joint venture “for cash consideration of $28 billion.” Rosneft’s deal for an all-out purchase of TNK-BP would make it the world’s largest publicly traded oil company, with higher crude production than global energy titans Exxon Mobil and Royal Dutch Shell. Rosneft may take out loans from Western banks, sell non-core assets and bond issues to finance the purchase of TNK-BP, Rosneft CEO Igor Sechin said earlier this year. Rosneft may consolidate 100 percent of TNK-BP’s shares within six months and the deal will allow the oil producer to boost annual crude production to 200 million metric tons (4 million barrels per day). Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Erdogan’s approval rating falls below 40 percent: survey A total of 53.4 percent of respondents said they disapprove of the performance of Erdoğan. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |