Rosneft board approves deals with BP

MOSCOW Thu Nov 22, 2012 11:50am EST

A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. REUTERS/Maxim Shemetov

A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012.

Credit: Reuters/Maxim Shemetov

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MOSCOW (Reuters) - Russia's biggest oil firm Rosneft (ROSN.MM) said on Thursday its board had approved its deals with British oil major BP (BP.L).

The state-controlled company will buy a 50 percent stake in smaller rival TNK-BP TNBP.MM from BP for $17.1 billion in cash and 12.84 percent of Rosneft shares.

(Reporting by Maria Kiselyova)

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