BP Intends to Exit TNK-BP Joint Venture in Russia

BP said on Friday that it has received unsolicited indications of interest regarding the potential acquisition of its 50% shareholding in TNK-BP (Moscow). “In light of these unsolicited approaches and consistent with its commitment to maximizing shareholder value, and its obligations under the shareholder agreement, BP has notified Alfa Access Renova [its joint venture partner] of its intention to pursue a potential sale,” the company says. TNK-BP is the third largest vertically integrated oil and gas company in Russia, owned equally by BP and Alfa...

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