MOSCOW, Oct. 6 (UPI) -- Anglo-Russian venture TNK-BP is considering the acquisition of Algerian assets from its sister company BP, a representative of the chief shareholders said.
British energy company BP is unloading some of its holdings to raise money to pay for the damages that resulted from the massive oil spill in the Gulf of Mexico.
Stan Polovets, the chief executive officer at Alfa-Access-Renova, a group representing Russian tycoons in the venture, said the company was interested in BP's assets in Algeria.
"As soon as BP receives Algeria's permission to transfer the assets to TNK-BP, TNK-BP will take a serious look at these assets," he was quoted by Bloomberg News as saying.
BP holds significant interests in Algeria, touting itself as the largest foreign investor in the country. Top executives at TNK-BP, meanwhile, met Wednesday with Russian President Dmitry Medvedev during his visit to Algeria.
Polovets told the news agency in response to e-mail questions that moving into Algeria would be "a launch pad" for African exploration.
TNK-BP said it was eyeing BP's assets in Vietnam and Venezuela as well.
