Arab Today, arab today rosneft eyes bp\s russia venture
Last Updated : GMT 21:10:43
Arab Today, arab today
Arab Today, arab today

Rosneft eyes BP\'s Russia venture

Arab Today, arab today

Arab Today, arab today Rosneft eyes BP\'s Russia venture

Moscow - AFP

Russian state giant Rosneft looked Tuesday to cement its grip on oil production by announcing talks with BP over the British group\'s lucrative stake in the TNK-BP venture it co-owns with four tycoons. BP immediately said it \"welcomed\" the interest after a decade of acrimonious relations with Russian officials that threatened to imperil its future in the world\'s largest energy production market. The announcement follows weeks of denials by Russia\'s largest oil company of any claims on a venture that has grown into the country\'s fourth largest crude producer since being formed in 2003. BP on June 1 said it was seeking buyers for its 50 percent stake because of bruising boardroom battles with the powerful billionaires who jointly operate a venture now responsible for nearly a third of the British groups oil output. \"Rosneft announces that, in connection with BP\'s recent statements regarding its intention to pursue a potential sale of its participation in TNK-BP, Rosneft has informed BP of Rosneft\'s interest in a potential acquisition of such participation,\" the company said in a statement. \"As a result, the parties agreed to commence negotiations on this matter and signed a non-disclosure agreement.\" Rosneft said it had also informed the tycoons who operate their stake in TNK-BP through the Alfa Access Renova (AAR) consortium of their interest in BP\'s stake. BP for its part said \"that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access Renova in accordance with its legal obligations.\" The state firm did not disclose the size of the stake under discussion. AAR last week announced opening negotiations on acquiring half of BP\'s shares in the joint venture -- a 25 percent stake estimated to be worth at least $10 billion (8.3 billion euros). The TNK-BP shareholders\' agreement gives the tycoons three months to negotiate a deal with BP first but does not keep the British firm from holding talks with other interested parties. The announcement provides an opening for BP to formally resume its ties with the Russian state a year after seeing its $16 billion Arctic exploration alliance with Rosneft blocked by protests from the four billionaires. The Arctic deal -- seen by world majors to be the path to a vast new energy source whose importance is growing with continuing volatility in the Middle East -- eventually went to the US super-major ExxonMobil. Rosneft has since struck two more Arctic agreements with global majors. BP had been left out of those talks. The Russian company\'s statement hinted broadly that BP stood to benefit long term from a deal with Rosneft. \"Rosneft believes that an acquisition of BP\'s interest in TNK-BP would be in the best interest of both Rosneft\'s and BP\'s shareholders and would lead to further development of TNK-BP,\" the statement said. BP has reaped nearly $20 billion in dividend payments since forming the joint venture at the start of what promised to be a new era of Russian openness to investment from the world\'s biggest energy firms. TNK-BP has since developed into one of the top 10 private oil producers in the world and is currently one of Russia\'s largest owners of so-called greenfield projects that focus on the development of new reserves. But that upside has been clouded for BP by a history of tensions with the Russian government that has seen the group\'s chief executive forced out of the country and the firm lose access to vital fields.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rosneft eyes bp\s russia venture Arab Today, arab today rosneft eyes bp\s russia venture

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rosneft eyes bp\s russia venture Arab Today, arab today rosneft eyes bp\s russia venture

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday