facebook
twitter
search
search

TNK-BP bid in the works

Oct. 17, 2012 at 9:28 AM
Sign up for our Energy Newsletter

LONDON, Oct. 17 (UPI) -- The Russian half of the TNK-BP joint venture agreed to sell its stake in the project to state-owned Rosneft, a British report states.

In September, BP officials, including Chief Executive Bob Dudley and board Chairman Carl-Henric Svanberg, met with Russian Vladimir Putin to discuss the company's position in Russia. Dudley had served as the top official at Russian joint venture TNK-BP before moving to the British major.

BP had said it was interested in the potential sale of its stake in TNK-BP.

Sky News reported that it's learned from unnamed sources that AAR signed an agreement that outlines the sale of its half of the joint venture to Russia's state-owned oil company Rosneft for around $28 billion.

Rosneft during the summer said it let BP know it was interested in taking on a stake in joint venture.

Both sides of the venture have been at odds over the direction of the company. Dudley in 2008 left his Moscow offices at TNK-BP when the Russian side expressed concern he was favoring British interests.

There was no confirmation of any deals from the parties involved.

Related UPI Stories
Latest Headlines
Trending Stories
N.H. primary polls open: Kasich, Sanders get early leads
5 Reasons why Denver Broncos won't be repeat champions
U.N. report: Syria's Assad guilty of 'inhuman' crimes, gruesome torture, deaths
On heels of E. coli outbreaks, Chipotle spending millions for new ingredient safeguards
Hugh Jackman shows photo of his latest skin cancer treatment