Russian government approves Rosneft's TNK-BP acquisition

By JAMES MARSON

MOSCOW—Russia's government has approved state-controlled oil giant OAO Rosneft's $55 billion acquisition of TNK-BP from BP and its partners, a spokeswoman for Deputy Prime Minister Arkady Dvorkovich said Wednesday.

"All the directives on the purchase of 100% of TNK-BP by Rosneft have been signed," the spokeswoman said.

Rosneft agreed to deals last month to buy TNK-BP, Russia's third-largest crude producer, from BP and its partners, the AAR group of tycoons, for $55 billion in cash and shares.

Interfax Wednesday quoted a source as saying that Rosneft's board of directors had approved the purchase of the BP stake at a meeting Tuesday. A Rosneft spokeswoman confirmed that the acquisition had been discussed, but declined to comment on the decision.

Dow Jones Newswires

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