AAR Agrees to Sell TNK-BP Stake for $28 Billion (Russia)
Russian consortium AAR has decided to sell its share in TNK-BP to Rosneft for USD 28 billion, Reuters has reported, citing a source close to the matter.
TNK-BP is Russia’s third largest oil company and is parity-owned by UK’s BP and AAR (a consortium of Alfa Group, Access Industries, and 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 AAR.
BP itself, in June announced it would put its stake in TNK-BP up for sale. The deadline for the potential bids runs out tomorrow, October 18, but the company has said that there can be no guarantee that any transaction will take place. A person close to the British oil giant told Financial Times that the agreement between AAR and Rosneft is good for BP as its sets “a good price point” for the remaining 50 per cent of TNK-BP owned by BP.
Offshore Energy Today Staff, October 17, 2012