LONDON — BP's billionaire partners in TNK-BP, Russia's third-biggest oil producer, said they could sell or list their 50 percent stake in the business, plunging the venture's plans into further confusion, the Financial Times reported Tuesday.
The British oil giant has also put its 50 percent stake in TNK-BP, estimated to be worth $25 billion, on the block and is currently negotiating both with its partners, grouped together in a consortium known as AAR, and with state-controlled Rosneft.
AAR, with which BP has had a long history of disputes, is planning to present a cash offer by an Oct. 17 deadline.
But AAR notified BP on Monday that it could sell its own shares to a third party or dispose of them through an initial public offering. The newspaper quoted a BP spokesman as saying the company would continue the process of selling its stake, regardless of the AAR move.
The newspaper cited a person close to AAR as saying that by announcing their intention to sell, the oligarchs wanted to have as many options as possible if Rosneft acquires BP's stake.
"From our perspective, we become a financial investor in this without any liquidity," the newspaper cited the person as saying.
The person also said it was important to prepare TNK-BP for a listing while BP is still a shareholder, the report said.
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.