BP, the UK-based energy giant, has had a turbulent relationship with the billionaires with whom it joined forces in a bid to break into the Russian market. Now both sides have sold out to state-controlled company Rosneft, but BP has gained a significant stake in what has become the world’s largest oil producer. The deal signals a change in the Kremlin’s view of foreign investment in the Russian energy sector.

The deal struck between Russian giant Rosneft and British energy major BP may prove to be a real turning point - perhaps even the end of an era - in Russian oil.

Rosneft is set to absorb Russia’s third largest oil company, the long-troubled TNK-...

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Professor Stefan Hedlund
The deal finalised on October 22 is the largest global mergers and acquisitions transaction since 2010 and the biggest oil industry deal in a decade
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