March 21 Russian state-owned oil company Rosneft
announced the completion of a $55 billion deal to buy BP
and its partners out of TNK-BP.
Following is a timeline of BP's history in Russia:
1997 - BP pays $571 million for a 10 percent stake in
SIDANKO, then Russia's fifth-largest oil company and part of the
UNEXIM-MFK banking group controlled by oligarch Vladimir
2003 - BP establishes Russian joint venture TNK-BP as a
result of the merger of Russian companies TNK, SIDANKO and Onako
with the majority of BP's Russian oil assets. The company is 50
percent owned by BP and 50 percent by a group of
Russia-connected investors: Alfa Group, Access Industries and
August 2008 - TNK-BP Chief Executive Robert Dudley leaves
Russia, blaming a campaign of harassment in a fight for control
between BP and its partners. He resigns in December.
January 2009 - Shareholders finalise a deal under which BP
cedes influence to AAR. Previously, half the board was appointed
by BP and half by AAR.
January 2011 - BP and Rosneft agree a $16 billion share swap
under which they plan to jointly explore for offshore oil and
gas in the Russian Arctic.
May 2011 - Deal with Rosneft collapses after BP's Russian
partners win an injunction. A subsequent attempt by Rosneft and
BP to buy out AAR's stake also fails.
October 2012 - AAR agrees to sell its stake to Rosneft for
$28 billion. Rosneft seals the $55 billion deal on Oct. 22 to
buy 100 percent in TNK-BP.
BP to hold almost a fifth of state-controlled Rosneft as
part of the deal and will have two seats on Rosneft's board.
March 21 2013 - Rosneft closes the acquisition of TNK-BP,
making it the world's largest listed crude producer with BP as a