Support The Moscow Times!

Dvorkovich Backs TNK-BP Deal

Arkady Dvorkovich, deputy prime minister in charge of the energy industry, has approved Rosneft's planned acquisition of 100 percent in TNK-BP, Vedomosti reported, citing a Cabinet staffer and a Dvorkovich spokesman.

Though President Vladimir Putin authorized the deal on Oct. 22, the Cabinet has been slow to act. The deal has encountered technical problems, because Rosneft failed to submit some necessary documents, the Cabinet employee said.

The move effectively means the final approval of the deal, one of the sources said. Prime Minister Dmitry Medvedev might also want to make a decision on the issue but he has already said he supported the deal, the source said.

Under the $61 billion deal, Rosneft expects to buy out both of TNK-BP's shareholders, AAR and BP.

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.