News Summary: BP considers sale of stake in TNK-BP

AP News
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Posted: Jun 01, 2012 4:03 PM
News Summary: BP considers sale of stake in TNK-BP

RUSSIA STAKE SALE: British oil giant BP said that it is considering selling its 50 percent stake in Russian joint venture TNK-BP, in a deal that could fetch at least $15 billion.

IN CONSORT: TNK-BP, Russia's third-largest oil producer, is a joint venture between BP and AAR, a consortium of Russian billionaire shareholders. The company has been mired in a corporate dispute after AAR blocked BP's deal with another Russian oil company, Rosneft.

SIGNIFICANT SHARE: TNK-BP represents 27 percent of BP reserves and 29 percent of its production, according to the BP's annual report.