President Vladimir Putin backs BP's plan to sell its 50 percent stake in TNK-BP to the state oil group Rosneft, the Financial Times reported Wednesday, citing an interview with Rosneft's chief executive, Igor Sechin.
Sechin said, without giving a full direct quote, that Putin endorsed the idea at a meeting in Russia last month with BP's top executives.
Rosneft "will have the opportunity to acquire a strategic investor, … so we do support this, and the president also spoke in support of this," Sechin was quoted as saying.
Sechin said, however, that Putin stressed it was ultimately "up to BP shareholders" to decide on the deal.
"Considering the fact that Rosneft is a strategic company, … the main parameters of the deal have to be agreed with the presidential administration," he said.
The four billionaires who co-own Russian oil venture TNK-BP and want to buy out partner BP told the British company that they may instead sell their half of the $50 billion business.
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.