BP buys 20% stake in Russian energy giant Rosneft

BP is to take a near-20% stake in what will become the world’s largest publicly listed oil producer as part of a £16.7bn (€20.5bn) deal.

State-backed Russian energy firm Rosneft has agreed to buy BP’s 50% stake in its troubled TNK-BP joint venture for $17.1bn (€13.1bn) in cash and 9.7bn (€7.44bn) worth of Rosneft shares.