Rosneft secures TNK–BP loan deals

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Russian oil giant Rosneft has signed two loan agreements with a group of international banks for $16.8 billion (£10.4bn) to finance the acquisition of a 50 per cent stake in TNK-BP from BP.

Barclays is understood to be the only British bank to sign up to the deals, which involve a five-year loan of $4.1bn and a two-year loan of $12.7bn.

Igor Sechin, president and chairman of Rosneft’s management board, described the agreement as “unprecedented” for the Russian market.