BP May Sell Stake in TNK-BP, Russia

BP of UK announced today that it has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP.

In light of these unsolicited approaches and consistent with its commitment to maximising shareholder value, and its obligations under the Shareholder Agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale.

There can be no guarantee that any transaction will take place., BP said in a statement.

TNK-BP is a leading Russian oil company, owned equally by BP and Alfa Access 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 Alfa Access Renova.

TNK-BP is vertically integrated with a diversified upstream and downstream portfolio in Russia and Ukraine and international interests in Brazil, Venezuela and Vietnam.

[mappress]
LNG World News Staff, June 1, 2012