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BP might walk away from TNK-BP

June 1, 2012 at 6:28 AM   |   Comments

LONDON, June 1 (UPI) -- British energy company BP said it notified its Russian counterparts in joint venture TNK-BP of its interest in pursuing a potential sale of its stake.

TNK-BP is a joint venture between BP and Alfa Access Renova, a group representing business interests of consortium of Russian billionaires.

The relationship between the entities has been unfriendly. Bob Dudley, now the top executive at BP, left his Moscow offices at TNK-BP in 2008 when he served as the joint venture's chief, citing harassment from the Russians.

Former German Chancellor Gerhard Schroeder resigned from the board at TNK-BP in December and Chief Executive Officer Mikhail Fridman resigned this week, which led analysts to suggest the venture was on the verge of collapse.

BP said Friday it's received "unsolicited indications of interest" in its stake in TNK-BP.

"In light of these unsolicited approaches and consistent with its commitment to maximizing shareholder value and its obligations under the shareholder agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale," the company said.

BP, in its statement, said there was "no guarantee" a transaction would take place and that it would make a further announced "if appropriate."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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