BP considers bid for its stake in TNK-BP

By OGJ editors

BP PLC, saying it was responding to “unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP,” has told its partners in the Russian venture “of its intention to pursue a potential sale.”

It didn’t identify the potential buyers.

BP’s 50-50 partner, Alfa Access Renova (AAR), acknowledged the notice and said in a statement, “It has become apparent that the parity ownership structure has become inoperable given fundamental differences over strategy and governance between AAR and BP.”

BP’s announcement followed shortly after the resignation, effective in late June, of TNK-BP Chief Executive Officer Mikhail Fridman, one of the AAR principals (OGJ Online, May 30, 2012).

BP was to have selected a successor for Fridman in 2013 under a management structure established last year (OGJ Online, Oct. 24, 2011). Fridman became CEO after TNK-BP’s first chief executive, Bob Dudley, now the BP chief executive, was forced to leave Russia in 2008.

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