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TNK-BP Executives Resign Following Rosneft Deal Closure

Several top TNK-BP managers announced their resignations immediately after the completion of the joint British-Russian oil company's acquisition by state oil giant Rosneft, a news report said Friday.

Two of the company's executive directors, German Khan and Viktor Vekselberg, and two vice presidents, Mikhail Slobodin and Jonathan Muir, in farewell letters thanked their former co-workers and hoped that Rosneft would become the best company in the world following the takeover, Interfax reported.

But the deal, which has turned Rosneft into the largest publicly traded oil firm, has also resulted in personnel changes among its top managers. Dmitry Avdeyev, who has been Rosneft's vice president in charge of finances, announced his resignation earlier in the week.

Sources close to the company told Vedomosti that Avdeyev left by "mutual consent," noting that the former Morgan Stanley investment banker joined the company in 2012 specifically to supervise the acquisition of TNK-BP.

Rosneft has not commented on Avdeyev's resignation or the name of his potential successor, Interfax said.

Kommersant reported Friday that Svyatoslav Slavinsky, a senior banking services executive with Citigroup, could replace Avdeyev.

On Thursday, Rosneft announced the closure of its acquisition of 100 percent of TNK-BP for $55 billion.

Rosneft president Igor Sechin said the acquisition would make Rosneft the world's biggest public oil company by production volume and confirmed reserves.

Sechin said the company would be led primarily by Rosneft managers. "The one who bought [the company] will manage it," Sechin was quoted by Interfax as saying.

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