Russian oil giant Rosneft is to buy TNK-BP, the joint venture between AAR, a group of Russian oil oligarchs, and BP, the British the energy company.
BP said that it had agreed to sell its 50% stake in TNK-BP to Rosneft for $17.1 billion in cash and a 12.84% stake in the Russian oil group.
Separately, Rosneft said it had agreed to buy the other 50% in TNK BP from AAR for $28 billion.
Rosneft said the deal with AAR is "entirely independent of the transaction with BP."
In its statement, BP said that it would use some of the money from its deal to raise its stake in Rosneft to 19.75%.
