BP intends sell stake in Russian oil firm, TNK-BP

BP intends to sell stake in Russian oil firm, TNK-BP

5:12 AM, 4th June 2012
BP intends to sell stake in Russian oil firm, TNK-BP

LONDON, UNITED KINGDOM: BP has notified its partners of its intention to sell its interest in TNK-BP. The company informed that it has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP. In light of these unsolicited approaches and its obligations as per the agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale. It also added that there is no guarantee that any transaction will take place.

TNK-BP is a leading Russian oil company, owned equally by BP and Alfa Access Renova. The company was formed in 2003 as the result of the merger of BP’s Russian oil and gas assets and the oil and gas assets of Alfa Access Renova. TNK-BP is vertically integrated with a diversified upstream and downstream portfolio in Russia and Ukraine and international interests in Brazil, Venezuela and Vietnam.

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