Talks start on sale of BP's TNK-BP stake

By OGJ editors

BP PLC said it is entering a 90-day period of negotiations with Alfa Access Renova (AAR), its 50-50 partner in TNK-BP, about the sale of part or all of its interest in the Russian company.

BP in June said it was interested in such a sale and disclosed unsolicited expressions of interest (OGJ Online, June 1, 2012). AAR responded by saying parity ownership of the Russian company had become “inoperable.” It earlier indicated interest in acquiring half the BP stake.

AAR has exercised its option under the TNK-BP shareholders’ agreement to negotiate a purchase.

BP said it “is also able to and will enter into negotiations with other interested parties in parallel for the sale of its share in TNK-BP.”

In a statement, AAR said a sale would “not affect BP's potential liability to AAR and TNK-BP for breach of the shareholders’ agreement in connection with BP’s attempted strategic alliance with Rosneft.”

AAR blocked a BP-Rosneft deal announced in January 2011 for joint exploration of the Russian Arctic and other collaboration, including a share swap (OGJ Online, Mar. 25, 2011).

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected