Rosneft offers to purchase BP share in TNK

Rosneft has offered BP to purchase its share in the TNK-BP Holding, Gazeta.ru reports.

The sides agreed to start talks on the issue and signed a deal on confidentiality agreement. Rosneft emphasizes that starting the talks does not guarantee becoming a co-owner of TNK-BP.

BP owns 50% of shares in the holding, the rest belong to AAR (25% to Mikhail Fridman’s Alpha Group, 12.5% to Renova of Victor Vexelberg and 12.5% to Access Industries of Leonard Blavatnik.

The conflict of TNK-BP shareholders has been ongoing for over 4 years. Fridman resigned as TNK-BP CEO. AAR expressed readiness to purchase the BP share after that.

The terms for negotiations start on July 19. 90 days were given for the negotiations.