That part of the deal to acquire full control of the company is expected to complete in the first quarter. On Wednesday's signing, Rosneft said: "Completion of the transaction is subject to approvals from Russian and European antimonopoly bodies and is expected to occur in the first half of 2013." Rosneft is splashing out a total of $45.1 billion in cash as well as a sizeable chunk of its share base for full control of the BP-AAR joint venture. BP has agreed to sell its half of TNK-BP to the Russian for $17.1 billion in cash plus almost 13% of its shares. After the acquisition, Rosneft will be the world's biggest listed oil company with 4.6 million barrels equivalent per day of oil and gas output.