Rosneft can buy BP's participation in TNK-BP

July 24, 2012

Rosneft announces that company has interest in a potential acquisition of BP's participation in TNK-BP.

State company has already informed BP about this interest.

As a result, the parties agreed to commence negotiations on this matter and signed a non-disclosure agreement. Rosneft has been informed that the other TNK-BP shareholders have also indicated their interest in acquiring part or all of BP’s participation and that BP has an obligation under the shareholders’ agreement to negotiate in good faith with the other shareholders. Rosneft believes that an acquisition of BP’s interest in TNK-BP would be in the best interest of both Rosneft’s and BP’s shareholders and would lead to further development of TNK-BP.

The both companies give no assurance that Rosneft and BP will enter into any transaction involving TNK-BP.  

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