Kremlin’s global energy superpower ambition is boosted by multi-billion TNK-BP takeover

BP could be a big winner in the Rosneft deal (photo: dpa)
BP could be a big winner in the Rosneft deal (photo: dpa)

Oil giant Rosneft’s takeover of TNK-BP, the joint venture between Russian billionaires and the UK-based energy major, has pleased the Kremlin but raised questions about the performance of the sector under state control. This report, the second in a series of three, considers whether BP, with a 20 per cent stake in what is now the largest crude oil producer in the world, may be the real winner, as it tries to put its Gulf of Mexico disaster behind it.

WHEN Igor Sechin, President of Russian oil giant Rosneft, announced that his company was ready to put up US$61 billion to acquire its rival TNK-BP, he proudly proclaimed that this was the ‘third-largest deal in history’.

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