BP considers offer for Russian JV stake
IRJ - June 1 - BP will be pursuing a potential sale of its shareholding in TNK-BP after receiving unsolicited indications of interest. The company added that there is no guarantee a transaction will take place.
The Financial Times said a sale could fetch up to $30 billion and cited an unnamed source who said the offer had come “from one of the Russian state companies”, but would not specify whether it was Rosneft or Gazprom.
The equal joint venture with Russian oligarch consortium Alfa Access Renova, led by Mikhail Fridman, has a history of conflict, punctuated by Fridman’s recent resignation as chief executive of TNK-BP.
TNK-BP was formed in 2003 as the result of the merger of the oil and gas assets of the two partners. It 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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