Russian oil producer Rosneft said that it is likely to get regulatory approval from the European Union for its bid to acquire TNK-BP, a source familiar with the matter disclosed.
State-run Rosneft is completing the deal worth of $55 billion to takeover TNK-BP from British oil firm BP and private Russian group AAR in two separate agreements.
The person, who declined to be divulged due to the matter's sensitivity, said that the European Commission is expected to approve the takeover deal without conditions because there are neither major conflicts nor issues that may adversely impact the completion of such buyout.
A spokesman to the BP released a statement indicating that the company is expecting the deal to be completed in the first half of the year as the sale is still subject to EU's approval.
If successfully completed, the deal will surpass dominating industry leader Exxon Mobil, making it one of the biggest acquisitions in the sector.
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