The AAR consortium of Soviet-born billionaires will invest the main proceeds from a sale of stake in Russo-British oil venture TNK-BP (TNBP.RS) into Russia's economy, Interfax news agency reported Tuesday, citing an AAR statement.
The AAR consortium of
Soviet-born billionaires will invest the main proceeds from a sale of stake in
Russo-British oil venture TNK-BP (TNBP.RS) into Russia's economy, Interfax news
agency reported Tuesday, citing an AAR statement.
The decision was announced less than a week after Russia's President Vladimir
Putin urged the AAR consortium, which sold its stakes in TNK-BP to
state-controlled OAO Rosneft (ROSN.RS), to reinvest the proceeds domestically.
Rosneft in October agreed to buy out BP PLC (BP, BP.LN) and the AAR in a deal
worth a total of $55 billion, the largest takeover in Russia's post-Soviet
history. The AAR tycoons-Mikhail Fridman, German Khan, Viktor Vekselberg and
Len Blavatnik-will get more than $28 billion when the deal closes in the first
half of 2013.
Earlier this week, Rosneft said it had raised $16.8 billion in bank loans and
was also planning to sign a trade-finance package with two international oil
traders to finance the buyout of TNK-BP.
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