CTIA CONVENTION IN NEW ORLEANS
Carl-Henric Svanberg , President and CEO LM Ericsson addresses the CTIA convention in New Orleans March 15, 2005. (UPI Photo / A.J. Sisco)
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British oil giant BP said it would buy back $8 billion in shares after completing a deal to sell its 50 percent interest in Russian venture TNK-BP.
British energy giant BP said Monday it would sell its interest in TNK-BP to Russia's conglomerate Rosneft in a cash and shares deal.
The Russian half of the TNK-BP joint venture agreed to sell its stake in the project to state-owned Rosneft, a British report states.
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.
A spokesman for BP said it was too early to make predictions about the board makeup of Russian oil company Rosneft following corporate talks in Moscow.
British supermajor BP may take on shares in Russian state oil company Rosneft in a share swap that could involve part of TNK-BP, an authority said.
Investors said the latest shake-up at the board of Russia's joint venture with BP suggests a breakup could be in the works.
BP PLC's 80,000 employees will pause for a minute of silence on the first anniversary of the Gulf of Mexico drilling rig explosion that killed 11 workers.
BP Chief Executive Officer Tony Hayward is still the person in charge of managing the oil spill in the Gulf of Mexico, the company said Saturday.
Tony Hayward, the controversial BP chief executive, has been removed from his role responding to the Gulf of Mexico oil spill, BP's chairman said Friday.
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United Press International
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