Russian state oil company Rosneft has followed Russian consortium AAR saying it is considering buying BP's stake in Anglo-Russian oil firm TNK-BP.
TNK-BP is jointly owned by AAR - Alfa Access Renova - and BP. Relations between the two became strained after BP sought to form a separate partnership with Rosneft.
AAR has preferred bidder status giving it almost 90 days during which BP can talk to - but not sign a deal with - other parties interested in its stake. BP said it was putting up its half of the TNK-BP business on 1 June.
On 18 July, AAR said it was interested in increasing its share of the business by another 25%, kickstarting the 90-day talks period.
AAR, which is owned by four Soviet-born billionaires led by tycoon Mikhail Fridman, has said it would be willing to pay $10bn for the share, which would give it 75% of the business.
Lucrative venture Rosneft said in a statement that it had informed BP of its interest in a "potential acquisition" and added that the two firms would begin talks on the issue.
"Rosneft believes that an acquisition of BP's interest in TNK-BP would be in the best interest of both Rosneft's and BP's shareholders and would lead to further development of TNK-BP," it said.
It added that there could be no assurance that Rosneft and BP would enter into any transaction involving TNK-BP and said: "A further announcement will be made when and if appropriate".
TNK-BP is important to BP financially as it accounts for almost a third of the London-based oil firm's total crude production and about 10% of its net income.
TNK-BP was formed in 2003 when BP merged its Russian oil and gas assets with those of AAR. The joint venture also has operations in Ukraine, Brazil, Venezuela and Vietnam.
bbc.co.uk
TNK-BP is jointly owned by AAR - Alfa Access Renova - and BP. Relations between the two became strained after BP sought to form a separate partnership with Rosneft.
AAR has preferred bidder status giving it almost 90 days during which BP can talk to - but not sign a deal with - other parties interested in its stake. BP said it was putting up its half of the TNK-BP business on 1 June.
On 18 July, AAR said it was interested in increasing its share of the business by another 25%, kickstarting the 90-day talks period.
AAR, which is owned by four Soviet-born billionaires led by tycoon Mikhail Fridman, has said it would be willing to pay $10bn for the share, which would give it 75% of the business.
Lucrative venture Rosneft said in a statement that it had informed BP of its interest in a "potential acquisition" and added that the two firms would begin talks on the issue.
"Rosneft believes that an acquisition of BP's interest in TNK-BP would be in the best interest of both Rosneft's and BP's shareholders and would lead to further development of TNK-BP," it said.
It added that there could be no assurance that Rosneft and BP would enter into any transaction involving TNK-BP and said: "A further announcement will be made when and if appropriate".
TNK-BP is important to BP financially as it accounts for almost a third of the London-based oil firm's total crude production and about 10% of its net income.
TNK-BP was formed in 2003 when BP merged its Russian oil and gas assets with those of AAR. The joint venture also has operations in Ukraine, Brazil, Venezuela and Vietnam.
bbc.co.uk
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