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Rosneft Agrees Heads of Terms with AAR

Released 13:28 22-Oct-2012

RNS Number : 2194P
OJSC OC Rosneft
22 October 2012

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 and the AAR consortium, which provides for Rosneft to acquire AAR's 50% interest in TNK-BP for cash consideration of $28 billion.  The transaction remains subject to agreeing the definitive transaction documentation, which the parties have started preparing, as well as the required corporate and regulatory approvals and certain other conditions.

October 22, 2012


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James Henderson / Nick Lambert /

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Rosneft Agrees Heads of Terms with AAR - RNS