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\f0\b\fs26 \cf0 BY NATHAN BYRNE\uc0\u8232 \u8232 ANCHOR LAUREN ZIMA
\b0\fs24 \cf2 \ \pard\pardeftab720\sa240\ql\qnatural
\fs26 \cf0 BP has agreed to terms to sell half its stake in TNK-BP to Russian company
Rosneft. TNK-BP is Russia\'92s third-largest oil producer. {\field{\*\fldinst{HYPERLINK
"http://www.bnn.ca/"}}{\fldrslt \cf3 Business News Network breaks down the deal}}.
\f1\fs24 \uc0\u8232 \u8232 \f0\b\fs26 \'93BP says that Rosneft will pay
$17.1 billion in cash and stock for the company\'92s stake in the joint venture. On completion
of the deal, BP says that it will own 20 percent of Rosneft.\'94
\f1\b0\fs24 \uc0\u8232 \u8232 \f0\fs26 The move will also give BP two seats
on Rosneft\'92s board. {\field{\*\fldinst{HYPERLINK "http://www.bbc.com/news/business-20030610"}}{\fldrslt
\cf3 An oil analyst tells the BBC}} the sale is BP\'92s best move in a tough spot.
\f1\fs24 \uc0\u8232 \u8232 \f0\b\fs26 \'93Potentially the Rosneft deal
does allow them to move forward and develop their activities in Russia in a way that may
actually be preferable to what they have now.\'94 \f1\b0\fs24 \uc0\u8232 \u8232 {\field{\*\fldinst{HYPERLINK
"http://dealbook.nytimes.com/2012/10/22/bp-near-deal-to-sell-assets-to-rosneft/"}}{\fldrslt \f0\fs26 \cf3 Writers for The New York Times
say}} \f0\fs26 the TNK-BP joint venture has been
\b \'93marred by infighting\'94 \b0 yet still
\b \'93enormously profitable\'94 \b0 for BP \'97 earning
\b \cf4 $19 billion \b0 \cf0 in dividends since 2003.
\f1\fs24 \uc0\u8232 \u8232 {\field{\*\fldinst{HYPERLINK "http://online.wsj.com/article/SB10001424052970203406404578072260885637292.html"}}{\fldrslt
\f0\fs26 \cf3 Reporters for The Wall Street Journal say}}
\f0\fs26 the deal marks a historic shift in a key oil market.
\f1\fs24 \uc0\u8232 \u8232 \f0\b\fs26 \'93A Rosneft takeover of TNK-BP
would bring the Russian state's control over oil production to nearly 50% and mark a major
milestone in Russian President Vladimir Putin's reassertion of Kremlin control over the strategic
oil sector \'85 \'94 \f1\b0\fs24 \uc0\u8232 \u8232
\f0\fs26 This deal is the latest in a string of similar sales by BP. {\field{\*\fldinst{HYPERLINK
"http://www.businessweek.com/news/2012-10-21/rosneft-bp-said-to-near-28-billion-deal-for-tnk-bp-stake"}}{\fldrslt \cf3 A reporter for Bloomberg explains}} in
Businessweek. \f1\fs24 \uc0\u8232 \u8232
\f0\b\fs26 \'93BP has sold about $33 billion in other assets since 2010 as it focuses on
more profitable crude oil production following the Gulf spill that erased about a third of
the company\'92s market value.\'94 \f1\b0\fs24 \uc0\u8232 \u8232
\f0\fs26 According to Reuters, a second, independent deal is in the works for Rosneft to buy the
remaining stake in TNK-BP from four Russian oligarchs.
\fs24 \cf2 \ }