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Rosneft gets TNK-BP financing

The Russian state-controlled firm said it raised $16.8 bil in Western bank loans and agreed on long-term finance deals from oil traders in its $27 bil effort to buy half of Anglo-Russian oil firm TNK-BP from BP (BP). Rosneft is scheduled to buy the rest of TNK-BP from the AAR consortium for $28 bil. It would be Russia's largest-ever takeover deal and would create the world's largest listed oil company, with daily output equivalent to 4.6 mil barrels per day.