Press Release: Mergers: Commission clears acquisition of TNK-BP by Rosneft

The European Commission has cleared under the Merger Regulation the proposed acquisition of sole control of TNK-BP by OJSC Oil Company Rosneft of Russia. The Commission carefully examined the effects of the proposed transaction. As for all state-owned companies, the Commission also assessed whether Rosneft operated independently of the state, or whether there was scope for the state to coordinate the behaviour of the state-owned companies in the sector. This question was ultimately left open as the proposed acquisition did not give rise to competition concerns.

Rosneft is active globally in the exploration and production of crude oil and natural gas, as well as the production and marketing of refined products, including several petrochemical products.

TNK-BP is active in the exploration and production of crude oil and natural gas, as well as the production and marketing of petroleum products and petrochemicals. TNK-BP is currently owned 50% by BP plc, 25% by Alfa Petroleum Holdings Limited, and 25% by OGIP Ventures, Ltd.