BP shrugs off Rosneft board rumors

Sept. 24, 2012 at 8:24 AM
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LONDON, Sept. 24 (UPI) -- 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.

BP Chairman Carl-Henric Svanberg and other top executives met last week with Russian President Vladimir Putin to discuss the company's position in Russia.

BP had said it was interested in the potential sale of its stake in TNK-BP, its Russian joint venture, following a move by the Russian side to purchase part, or all, of BP's half. BP was said to be considering taking on more shares in Rosneft in exchange for holdings in TNK-BP. Rosneft said it let BP know it was interested in taking on its stake in TNK-BP.

A spokesman for BP offered few specifics when asked for a comment about the potential makeup of the Rosneft board by The Daily Telegraph newspaper in London.

"All such potential appointments follow formal governance procedures and are made and announced in an established process," the spokesman said.

BP holds about 1.3 percent of the shares in Rosneft.

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