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Rosneft Consolidates 100% of TNK-BP

21 March 2013

Rosneft today announces the completion of transactions to acquire TNK-BP. Rosneft has finalised the deals to acquire BP’s 50% share in TNK-BP in exchange for $16.65 billion in cash and 12.84% of Rosneft shares. Separately BP acquires 5.66% of Rosneft shares from OFSC ROSNEFTEGAZ.

As a result of these transactions BP has received 12.48 billion in cash (including a $0.71 billion dividend it received from TNK-BP in December 2012) and, together with its existing 1.25% shareholding in the company, now holds 19.75% in Rosneft. In correspondence with separate agreements Rosneft has finalized the deal of acquiring AAR's 50% share for cash consideration of $27.73 billion. The above mentioned sums payed for acquiring of TNK-BP shares from BP and AAR are calculated basing on the terms of purchase price formation, stipulated by the corresponding purchase agreement.

Upon completion of a number of independent transactions Rosneft has consolidated 100% of TNK-BP and has become the largest publicly traded oil and gas company in the world by hydrocarbon reserves and production.

Rosneft Information Division
Tel.: +7 (495) 411 54 20
Fax: +7 (495) 411 54 21
March 21, 2013

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.