TNKBP investors eye BPs share in oil firm

first_imgMOSCOW (AP) – Russian shareholders TNK-BP, the U.K. oil company’s joint venture in Russia, said Wednesday that they are interested in buying a 25 percent stake in the company.TNK-BP, Russia’s third-largest oil producer, is owned on 50-50 basis by BP and AAR, a consortium of Russian billionaire shareholders. The company has been mired in a lengthy dispute after AAR blocked BP’s deal with another Russian oil company, Rosneft. AAR said in a statement on Wednesday that it would like to buy a half of BP’s stake, or 25 percent of the company, at what it described “a market price.” Based on the oil firm’s market valuation at Moscow-based MICEX exchange, a quarter share in TNK-BP is worth some $9.7 billion.The Russian market was already closed at the time of the announcement.BP announced on June 1 that it intended to sell some or all of its shares in TNK-BP and under the terms of their, both parties have 90 days to negotiate in good faith, AAR said.Although mired in boardroom disputes for much of its existence, TNK-BP has generated healthy returns for both parties. Over the past years, TNK-BP’s output has accounted for more than a quarter of BP’s total global production. The British oil company drew some $3.7 billion in dividends from the venture last year alone, receiving a total of $19 billion since the company’s formation in 2003.“AAR and BP both realize that a fundamental realignment in the ownership of TNK-BP is necessary in order to allow each of the shareholders to achieve its strategic objectives and eliminate the internal contradictions that are preventing further development of TNK-BP,” Stan Polovets, chief executive of AAR, said in a statement. Comments   Share   More Valley freeways to be closed this weekend for improvements Think Tank analyzes the second round of Democratic debates Meghan McCain to release audiobook on conservatism, family Top Stories New high school in Mesa lets students pick career paths Sponsored Stories (Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Arizona families, Arizona farms: A legacy of tradition embracing animal care and comfort through modern technology 5 treatments for adult scoliosis 4 sleep positions for men and what they meanlast_img read more