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).

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