OAO Rosneft sold almost 10 percent of RN Holding to unrelated parties, after acquiring the oil unit as part of its $55 billion acquisition of TNK-BP this year, sparking concerns that it may squeeze out minority shareholders.
Vladimir Putin’s energy czar Igor Sechin, who laid the groundwork for $500 billion in potential investments with Western oil companies, is set to push ahead with the plans even after changing jobs under a new government.
OAO Rosneft, Russia’s largest oil producer, said third-quarter profit rose eightfold from the previous three-month period after it recorded a 167 billion- ruble ($5.2 billion) gain on the value of TNK-BP.
As a small army of advisers from eight investment banks huddled in London last weekend to negotiate Russian state oil company OAO Rosneft’s agreement to acquire BP Plc’s Russian venture, the deal’s most important player had already left the country.
Vladimir Putin was lonely and homesick after moving to Moscow to work in the Kremlin in 1996 and planned to return to St. Petersburg within a year, according to a friend, documentary filmmaker Igor Shadkhan.