facebook
twitter
search
search

BP may court buyers for TNK-BP share

July 16, 2012 at 9:19 AM

LONDON, July 16 (UPI) -- BP is expected to court potential buyers for its 50 percent stake in Russian joint oil venture TNK-BP this week, a British newspaper reports.

Exxon Mobil, Shell, as well as unnamed Chinese and Russian companies, were mentioned by The Guardian newspaper in London as possible purchasers of BP's stake in TNK-BP.

Russian natural gas company Gazprom in June suggested BP could play a role in potential British links to the Nord Stream natural gas pipeline running through the Baltic Sea to Germany. BP had asked for a waiver to its agreement with TNK-BP stating that all business opportunities in Russia must be carried out through that partnership. The request was denied.

The Guardian reports that BP could get at least $30 billion from the potential sale, though Alfa Access Renova, which represents the Russian interests in the joint venture, said the figure would be significantly less.

The relationship between TNK-BP and the British energy company is stormy. Bob Dudley, now chief executive officer at BP, left his Moscow offices in 2008 when he led TNK-BP, citing harassment from the Russian side.

TNK-BP is Russia's third-largest oil company.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue