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Rosneft informs BP of interest in buying TNK-BP stake

July 24, 2012, 13:51 UTC+3

TNK-BP belongs on a parity basis (50 by 50) to BP and AAR consortium

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MOSCOW, July 24 (Itar-Tass) — Russia’s oil company Rosneft has informed British Petroleum that it is interested in the acquisition of its stake in TNK-BP.

The Russian company said in a release that in connection with the recent BP statements about the intention to consider the possibility of selling its stake in TNK-BP, Rosneft informed BP about its interest in the possible acquisition of this stake. As a result, the parties agreed to begin negotiations on the issue and signed a confidentiality agreement.

Rosneft noted that the company was informed that the other TNK-BP shareholders also declared their interest in acquiring the whole stake or part of the BP stakes in TNK-BP and that under the shareholders agreement, BP is obliged to negotiate in good faith with them.

Rosneft believes that the acquisition of BP’s share in TNK-BP will meet both the interests of Rosneft shareholders and shareholders of BP and will be aimed at the further development of TNK-BP.

TNK-BP belongs on a parity basis (50 by 50) to BP and AAR consortium (one of the participants in which is Russian businessman Mikhail Fridman).

AAR filed with Britain’s court and the Stockholm Court of Arbitration a claim against BP, accusing it of violating the shareholder agreement. The reason for this was a deal between BP and Rosneft to develop oil fields in the Russian Arctic, concluded in early 2011.

On June 1, BP officially informed the partners about the possible sale of its stake in TNK-BP Group. The British company said it would sell all 50 percent of its shares. According to analysts, BP intends to get for them up to 30 billion US dollars.

Rosneft – is the leader of the Russian oil industry and one of the largest public oil and gas companies in the world. The main activities of Rosneft are exploration and production of oil and natural gas, production of petroleum products and petrochemicals and marketing of these products. Rosneft conducts oil and gas exploration and production activities on the Sakhalin Island, in Siberia, Timan-Pechora field and southern Russia, including Chechnya. It owns and operates two refineries. The refinery in Tuapse, on the Black Sea, focuses on refining high-gravity oil from western Siberia. Another plant in Komsomolsk-on-Amur is the easternmost refinery in Russia. The company is included in the list of Russia’s strategic enterprises. Its main shareholder (75.16 percent of shares) is Rosneftegaz that is 100 percent state-owned.



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