Russia oil firm Rosneft enters deal with BP

The state-run Russian oil company Rosneft has struck a deal to buy TNK-BP, a joint oil venture between British Petroleum (BP) and four Russian billionaires. As part of the agreement, BP will recieve a minority stake in Rosneft, allowing it maintain its production role in Russia. It also gives the company the opportunity to end its increasingly rocky relationship with the group of billionariers. For Rosneft, the deal effectively bolsters its holdings in Russia, making it a larger oil producer than every Middle Eastern country except Saudi Arabia.