LONDON, June 7 (UPI) -- BP explored releasing some shares in joint venture TNK-BP to save a potential deal with Russian oil company Rosneft, sources said.
BP in May said it remains committed to working with TNK-BP and Rosneft in Russia, despite the collapse of a $16 billion deal with Rosneft that included possible exploration in the Russian arctic.
TNK-BP, a joint venture between four Russian billionaires represented by Alfa- Access-Renova and BP, claimed the proposed January deal violated the terms of its shareholder agreement with BP.
The shareholder agreement says either side must undertake any new business in Russia through the joint venture, the Financial Times notes. By selling just one share of its 50 percent stake in TNK-BP, a person close to the situation told the newspaper, BP could have gotten out of the clause.
"BP considered all sorts of options at the time," a source told the financial newspaper on condition of anonymity. "It was a notice of intent, it showed BP was serious about the Rosneft deal."
Rosneft in May said that negotiations between AAR and BP resulted in the company receiving proposals that went "beyond the scope" of the original deal with BP.
