In 2003, three of Russia's leading investment, financial, and industrial groups - Alfa Group, Access Industries, and Renova - formed the AAR Consortium. AAR's key asset was the 50 percent share in one of the major Russian oil companies - TNK-BP. The Consortium represented the interests of the Russian shareholders in the company.
In March, 2013 the AAR Consortium announced that its shareholders – Alfa Group, Access Industries and Renova Group – have successfully completed the sale of all of their interests in the TNK-BP Group to Rosneft. The transaction closed on the terms stipulated by the share purchase agreement signed by the parties on December 12, 2012.
AAR CEO Stan Polovets said: "Completing this transaction brings to a close more than 15 years of exceptionally successful value creation by the shareholders of AAR, who have helped build TNK-BP into a world-class oil and gas company. This paves the way for Alfa, Access and Renova to capitalize on major new opportunities in Russia and around the world".