Fridman’s Alfa Group Sets Up L1 Energy Investment Fund
Billionaire Mikhail Fridman’s Alfa Group will invest $20 billion or more in global oil and gas projects through a new fund it has set up that will be advised by top-ranking former oil bosses, including ex-BP chief executive Lord Browne reports Reuters. * German Khan to be CEO, recruiting managers …
Rosneft Finalises Acquisition of AAR’s 50% Interest in TNK-BP
Rosneft has finalized the acquisition of AAR’s 50% share in TNK-BP in exchange for cash consideration of $27.73 billion USD in correspondence with the terms, agreed upon by the parties in October 2012. This amount is calculated basing on the terms of purchase price formation, stipulated by the purchase agreement. …
Former TNK Tycoons Look to Partner with Ex BP Chiefs
Representatives of the Alfa Group, set to earn billion of dollars from the sale of Anglo-Russian oil venture TNK-BP, have sounded out former BP CEOs John Browne and Tony Hayward about investing jointly in international oil projects. German Khan, one of four Soviet-born businessmen who shared control of TNK-BP with …
Rosneft Signs Loan Agreements Worth $14.2 Bln with Group of International Banks
On February 13, 2013 Rosneft signed loan agreements for the total amount of U.S. $14.212 billion. The financing will be used to acquire a 50% stake in TNK-BP Ltd. from AAR (Alfa, Access, Renova) Consortium. The cost of the financing that is being arranged is one of the lowest at …
Rosneft Signs Agreement to Purchase AAR Consortium’s 50% Stake in TNK-BP
Rosneft signed, in Munich, an agreement to purchase from the AAR Consortium (Alfa Group, Access Industries and Renova) its 50% stake in TNK-BP. The purchase price in the transaction is determined based on the base value of AAR’s stake in TNK-BP of $28 bln. Completion of the transaction is subject …
Rosneft signs definitive agreements to acquire a 50% stake in TNK-BP from BP
Rosneft today announces that it has entered into definitive agreements with BP for the purchase of BP’s 50% interest in TNK-BP in exchange for $17.1 billion in cash and 12.84% Rosneft shares currently held in treasury. The completion is subject to regulatory approvals, and is expected to occur in the …
BP and AAR Settle All Outstanding Disputes
BP and AAR, joint shareholders in TNK-BP, today announced that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other. The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing …
Sechin Sees $3-$5 billion Synergies in Rosneft Takeover of TNK-BP
Rosneft’s CEO Igor Sechin said its planned $55 billion takeover of rival oil company TNK-BP would yield $3-$5 billion in synergies, largely on projects in new provinces in Russia’s north and east. Sechin, speaking on a conference call a day after Rosneft announced it would buy British major BP and …
Rosneft Agrees Heads of Terms with the AAR Consortium
Rosneft confirms that BP, in connection with the sale of its interest in TNK-BP to Rosneft, has waived its right to negotiate in good faith to purchase the AAR consortium’s stake in TNK-BP. This is a step forward in the implementation of the heads of terms, announced earlier today, between …
Rosneft In Bid for BP’s Stake in TNK-BP
Rosneft is poised to secure a tighter grip on Russia‘s oil industry with a bid for BP’s 50 percent stake in TNK-BP, the country’s third largest producing company. Sources familiar with the actions of British oil company BP, Rosneft, their advisers and financiers said a bid had been submitted to …