Thursday, May 31, 2012

BP announces plans to sell stake in TNK-BP

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BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture.

In a short statement, the oil company said it had received "unsolicited indications of interest" in acquiring its shares.

BP has informed the other shareholder in TNK-BP, Alfa Access Renova, that it plans to pursue a sale.

It warned that there was no guarantee that such a transaction would take place.

Earlier in the week, Mikhail Fridman, TNK-BP's chief executive, announced he would be stepping down in 30 days "for personal reasons".

TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires that includes Mr Fridman.

Last year, BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft after AAR launched a legal challenge.



Source & Image : BBC

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