The European Commission has approved the acquisition of TNK-BP by Rosneft, according to an official statement.

      In a press release issued on March 8, 2013, The European Commission announced it cleared the deal as compliant with its Merger Regulation.

      The examination conducted by the Commission concluded that the proposed acquisition did not raise competition concerns in the European Economic Area “because the merged entity would continue to face constraints from a number of strong competitors, while its customers would be capable of switching both to other suppliers as well as to other means of transportation for their crude oil demands”.