Rosneft signals interest in BP's stake in TNK-BP

[July 24, 2012]  MOSCOW (AP) -- Russian state-controlled oil company Rosneft has signaled its interest in acquiring BP's share in its Russian joint venture TNK-BP.

Rosneft said in a statement Tuesday morning that it has informed BP of its interest in acquiring its stake in the firm.

TNK-BP, Russia's third-largest oil producer, is owned on a 50-50 basis by BP and AAR, a consortium of Russian billionaire shareholders. AAR last week indicated interest in buying out BP. A 50 percent stake in TNK-BP could be worth about $18 billion, according to the company's market valuation.

Although mired in boardroom disputes for much of its existence, TNK-BP has generated healthy returns both for the British oil giant and the Russians. Over the past years, TNK-BP's output has accounted for more than a quarter of BP's total global production.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.