UK’s BP and Russian consortium AAR, joint shareholders in TNK-BP, today announced that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other.
The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing each party to explore new opportunities and partnerships in Russia and the Ukraine, effective immediately.
“The parties have agreed to work constructively together with each other and with Rosneft to progress their respective disposals of their shareholdings in TNK-BP,” said BP in a press release.
Rosneft’s acquisition of TNK-BP will, once completed, be the second largest oil industry acquisition in history. To remind, the largest oil deal ever is the one from 1998, when Exxon Corp. bought Mobil Corp. for $80 billion.
- BP Signs Heads of Terms to Sell Its TNK-BP Stake to Rosneft, Russia
- Russia, A Home to The Second Largest Oil Deal in History?
- AAR Agrees to Sell TNK-BP Stake for $28 Billion (Russia)
Offshore Energy Today Staff, November 13, 2012