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.