Rosneft completed the absorption of TNK-BP

Rosneft completed the absorption of TNK-BP, according to the website of the state corporation. She bought shares in TNK -BP from BP for $ 16.65 billion and 12.84 percent of her shares, as well as in AAR for $ 27.73 billion. BP, in turn, acquired 5.66 percent of Rosneft shares on a transaction with Rosneftegaz.

Now Rosneft has become the world's largest public oil and gas company in terms of reserves and hydrocarbons. Meanwhile, the BP has turned into the second most important shareholder of the state corporation with a share of 19.75 percent.

President Vladimir Putin called an increase in the BP share in Rosneft "by a very true step to privatize state property," RIA Novosti reports. According to Putin, the market positively reacted to this deal. “Despite the fact that the state sold part of its shares, the remaining share of the state increased in price,” he said. Putin also congratulated the president of Rosneft Igor Sechin and the chief manager of BP Robert Dudley with the end of transactions.

In November 2012, ex-Minister of Finance Alexei Kudrin sharply criticized the purchase of Rosneft TNK-BP. "I believe that this deal is wrong. An increase in huge reserves and resources from the state -owned company does not bring happiness to the country," he said. “I see this deal as follows: an ineffective company absorbs effective,” Kudrin said, recalling that the company will manage the old Rosneft management. He added that this deal "contributed to the outflow of capital from the country." As a result, as in the case of increasing the resources of Gazprom, the scale of state surveillance in the economy will increase that "goes to the detriment of the economy," the former minister concluded.