March 21, 2013 / 3:41 PM / 5 years ago

TIMELINE-BP's business in Russia

March 21 (Reuters) - 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 Potanin.

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 Renova (AAR).

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 major shareholder.

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