Completion of TNK-BP Transaction - KXNet - Bismarck/Minot/Williston/Dickinson

Completion of TNK-BP Transaction

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SOURCE AAR Consortium

MOSCOW, March 21, 2013 /PRNewswire/ -- The AAR Consortium confirms that its shareholders – Alfa Group, Access Industries and Renova Group – have successfully completed the sale of all of their interests in the TNK-BP Group to Rosneft. The transaction closed on the terms stipulated by the share purchase agreement signed by the parties on December 12, 2012.

AAR CEO Stan Polovets said: "Completing this transaction brings to a close more than 15 years of exceptionally successful value creation by the shareholders of AAR, who have helped build TNK-BP into a world-class oil and gas company. This paves the way for Alfa, Access and Renova to capitalize on major new opportunities in Russia and around the world."

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