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Rosneft to take $14.2 billion loan to buy TNK-BP

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Staff writer ▼ | February 13, 2013
TNK-BPRosneft, the largest public oil company, had signed a $14.2 billion financing deal to purchase 50% of TNK-BP Ltd. shares from Alfa-Access-Renova (AAR) Consortium.

Rosneft agreed last year to buy Anglo-Russian oil firm TNK-BP from AAR consortium and BP for $55 billion. In December last year Rosnef raised $16.8 billion in bank loans for the deal.

Rosneft board also said in the statement, without much elaboration, that the company will expand cooperation with ExxonMobil. The company also announced changes in the board composition.

rosneftAccording to the results of an audit by DeGolyer & MacNaughton, at the end of the last year Rosneft's recoverable hydrocarbon resources increased almost 50% compared to the year before. Under any classification Rosneft is the largest public oil company by proven liquid hydrocarbon reserves in the world.

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