Rosneft became world's top oil producer

Russia’s state-owned Rosneft put the final touches to its takeover of TNK-BP on March 21 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 cash, including a TNK-BP dividend of $0.7 billion and an 18.5 percent stake in Rosneft. Rosneft is getting BP’s 50 percent interest in TNK-BP in exchange for $16.7 billion in cash and 12.8 per cent of Rosneft shares.

Adapted from Vestnik Kavkaza