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BP-Rosneft Deal Has Russia Ceding Control, Shuvalov Says

BP Plc raising its OAO Rosneft stake shows Russia’s willingness to surrender control over the country’s largest oil producer as the state cuts its business holdings, said First Deputy Prime Minister Igor Shuvalov.

“Once we have BP as a major shareholder, a private international company, the whole picture changes,” Shuvalov said about state-run Rosneft. “I don’t think it is possible having BP as a shareholder to say, ‘We do what we want.’”