BP chief nominated for Rosneft board
BP's CEO Robert Dudley has been nominated for the Board of Directors of Russia's state-run oil major Rosneft as a state representative,RIA Novosti reported with refence to a government decree published on Friday,.
BP secured two board seats at Rosneft after an agreement to sell its 50 percent stake in the Russian joint venture TNK-BP to the company.
Last October, Rosneft announced the all-out purchase of TNK-BP from BP and the AAR consortium of Russian billionaire shareholders.
Under the deal, BP will receive $17.1 billion in cash for its 50 percent stake plus stock representing 12.84 percent of Rosneft's shares, while the AAR consortium of Soviet-born billionaire shareholders will sell its 50 percent stake in the joint venture "for cash consideration of $28 billion."
The deal is expected to close in the first half of 2013.
Rosneft head Igor Sechin said earlier that the company would welcome Dudley's inclusion on the board.
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