The Russian government backs OAO Rosneft's (>> Rosneft' NK OAO) acquisition of TNK-BP Holdings (>> TNK-BP Holding OAO) and sees no risk to competition from the deal, Economy Minister Andrei Belousov said, news agency Interfax reports Tuesday.
"The government will certainly back [the deal]," Mr. Belousov is quoted as saying. "We think there will be no monopolization as this company is subject to the global economy. It is competing with other large companies on the global energy market."
State-owned Rosneft Monday announced a $55-billion buyout of BP and its partners in Russia's number three crude producer. As part of the deal, BP will own almost 20% of Rosneft, which will become the world's largest publicly listed oil producer.
Some government ministers opposed Rosneft's plans to buy TNK-BP.
CHECK THIS OUT!