Rosneft to buy TNK-BP for US$54.8b in third-biggest oil deal

Rosneft agreed to buy TNK-BP, a 50-50 venture between BP and a group of billionaires, for US$54.8 billion in the third-biggest oil acquisition ever.

By absorbing Russia's third-largest oil firm, state-run Rosneft will match the output of Exxon Mobil and control more than 40 per cent of Russia's crude output.

President Vladimir Putin, who has sought to reassert government control over the world's largest oil and gas industry, said yesterday's accord was important for the economy.

via Business feed http://www.scmp.com/business/commodities/article/1067587/rosneft-buy-tnk-bp-us548b-third-biggest-oil-deal