facebook
twitter
search
search

Russians may have IPO after TNK-BP bid

Oct. 5, 2012 at 6:18 AM

MOSCOW, Oct. 5 (UPI) -- The Russian side of TNK-BP, a joint venture with BP, said it may have an initial public offering if it buys the British company's stake in the entity.

Alfa Access-Renova, the entity representing the business interests of four Russian billionaires in the TNK-BP joint venture, announced last week it was planning to make an offer to buy BP's interest in the company.

TNK-BP Executive Director German Khan said an offer to BP is expected by Oct. 17. He said a "competitive" monetary value was under consideration, reports Russia news agency RIA Novosti.

"After consolidating the TNK-BP share package, AAR may with time consider various options, including an IPO or a new strategic partner," he was quoted as saying.

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

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.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
E-2D aerial refueling capability passes CDR
Norway: New reserves found in North Sea
Shell to tap new Gulf of Mexico oil
Canada awards license for LNG exports to Asia