If all goes according to plan, Rosneft would be taking over control over its major rival, TNK-BP. The two Russian oil companies would then complete the oil industry's biggest takeover in history, three months before the agreed upon deadline.

The state owned Rosneft would be buying out the interests of the Russian consortium AAR, who owns fifty percent of TNK-BP while UK oil company British Petroleum owns the other half of the oil company. Rosneft would purchase the interests in two separate deals.

Initially, Rosneft has already submitted documentation to European antitrust regulators and if approved, the deal would cement Rosneft as the giant in the Russian oil industry. The resulting operations would dwarf Exxon Mobil's operations, who currently is the world's No. 1.

The exit would net BP US$12.3 billion in cash while AAR would divvy up the US$28 billion proceeds between Mikhail Fridman, Viktor Vekselberg, German Khan and Len Blavatnik, known tycoons post 1990 Russian privatization period.