AAR Consortium, which comprised of Alfa Group, Access Industries and Renova, holds 50% interest in Russia-based oil company TNK-BP, while BP holds the remaining 50% interest.
Commenting on the signing of the deal, Rosneft president Igor Sechin remarked that the transaction will be strategically attractive for the company’s sharedholders.
"As a result of this agreement, Rosneft will be able to fully consolidate the acquired business and benefit from a considerable synergy effect," Sechin added.
"Agreements reached today enable us to start preparing the integration process immediately."
Renova Group board of directors chairman Viktor Vekselberg said through the latest deal, Rosneft is buying "top-quality" oil and gas assets.
"It also acquires unique corporate culture and production experience that have been accumulated during almost a decade of the
Russian-British joint venture and that will help the biggest Russian oil company become the indisputable world leader," Vekselberg added.
Alfa Group supervisory board member and TNK-BP executive director, German Khan stated, "This is the first time the transaction of such a scale is taking place in Russia, and the mere fact of concluding this transaction boosts Russian economy potential and reflects Russia’s leading role on the global oil and gas industry."
Subject to the approval from Russian and European antimonopoly bodies, the transaction is expected to be completed in the first half of 2013.
