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News Summary: Russia's Rosneft buys out TNK-BP

The Associated Press

OIL CZARS: Russia's state-owned oil giant Rosneft sealed a $61 billion deal, buying TNK-BP, a joint venture between a group of Russian oil oligarchs and British energy company BP.

BP NOT EXILED: BP will get $17.1 billion in cash for its half of TNK-BP and a 12.84 percent stake in Russia's biggest oil company. BP also plans to raise its stake in Rosneft.

BIGGER THAN THE BIGGEST: Rosneft will also buy the rest of the joint venture from AAR. Rosneft will leapfrog ExxonMobil Corp. to become the world's largest publicly traded producer of oil and gas, in terms of output.