BP will soon be a major partner with the Russian state in oil giant Rosneft.
The newly announced deal will make Rosneft the world's largest publicly held oil company...and the number 2 pumper of crude after Saudi Arabia...with 4.5 million bpd.
BP gets 18.5% of Rosneft stock...which added to its current shares...gives it 19.75% ownership.
It also receives $12.3 billion in cash...in exchange for all its 50% of oil company TNK-BP.
However...BP loses $4 billion in annual income from TNK's productive but mature fields.
Rosneft will reportedly pay 4 Russian oligarchs $28 billion for their 50% of TNK-BP.
The entire TNK-BP deal is valued at between $55-$61 billion.
It now makes Putin confidant...Rosneft chief Igor Sechin...one of Russia's and the globe's most powerful people.
TO READ: Profile of mysterious Igor Sechin, 52...whom Russia media calls 'Darth Vader'.