The AAR consortium that owns half of TNK-BP confirmed on Monday that it had agreed to sell its stake in the Anglo-Russian oil firm for $28 billion in cash to state oil major Rosneft.
"This deal provides a clear and transparent exit path for the AAR shareholders at a fair market price that reflects the extraordinary achievements of TNK-BP over the past decade," CEO Stan Polovets said in a statement.
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Rosneft earlier announced a deal to buy BP's one half stake in TNK-BP in a cash-and-stock deal worth around $27 billion that will see the British oil company gain two seats on the Rosneft board.
(Reporting by Douglas Busvine; Editing by Megan Davies)