Deals | Thu Nov 22, 2012 4:50pm GMT

Rosneft board approves deals with BP

MOSCOW (Reuters) - Russia's biggest oil firm Rosneft (ROSN.MM) said on Thursday its board had approved its deals with British oil major BP (BP.L).

The state-controlled company will buy a 50 percent stake in smaller rival TNK-BP TNBP.MM from BP for $17.1 billion in cash and 12.84 percent of Rosneft shares.

(Reporting by Maria Kiselyova)