Rosneft makes offer for BP's TNK-BP stake

10/18/2012

Rosneft makes offer for BP's TNK-BP stake

BY SELINA WILLIAMS

LONDON -- BP has received a formal offer from Russian state controlled oil giant Rosneft for its 50% stake in oil producer TNK-BP, a person familiar with the matter said.

The person gave no further details on the offer, which other people close to the talks have said is around $25 billion in a mix of cash and shares. Rosneft President Igor Sechin, a close ally of President Vladimir Putin, is presenting his offer to BP. BP's board is expected to consider the offer, people close to the deal have said.

Rosneft, in which the government owns 75.5%, said in July it would bid on BP's stake in Russia's third largest oil producer.

Dow Jones Newswires

Related News ///

FROM THE ARCHIVE ///

Comments ///

comments powered by Disqus