OREANDA-NEWS.  October 24, 2012.  Rosneft confirms that BP, in connection with the sale of its interest in TNK-BP to Rosneft, has waived its right to negotiate in good faith to purchase the AAR consortium’s stake in TNK-BP, reported the press-centre of Rosneft.   

This is a step forward in the implementation of the heads of terms between Rosneft and the AAR consortium, which provides for Rosneft to acquire AAR’s 50% interest in TNK-BP for cash consideration of USD 28 billion.

The transaction remains subject to agreeing the definitive transaction documentation, which the parties have started preparing, as well as the required corporate and regulatory approvals and certain other conditions.