No decision by BP on selling TNK-BP stake

British oil giant BP has not made any decision on selling its stake in the TNK-BP Russian-British joint venture, a source close to BP told RIA Novosti on Tuesday.

Some foreign media have reported that BP is considering selling part of its stake in TNK-BP to Russian oil giant Rosneft to be able to work independently in Russia, and has already informed TNK-BP’s Russian shareholders of its decision.

“No decisions on the sale of a stake in TNK-BP have been made. Most likely, the media meant one of the options that were discussed before May 16 as a possible way to solve a shareholder conflict,” the source said.

In January, Rosneft and BP signed $16 billion share swap deal and jointly develop Russia’s energy-rich Arctic shelf. The Russian billionaire shareholders in TNK-BP blocked the deal via the Stockholm Court, citing a shareholder agreement. The BP-Rosneft deal expired on May 17.

Under the current TNK-BP shareholder agreement, BP can only engage in projects in Russia jointly with TNK-BP.

Rosneft, TNK-BP, and BP refused to comment.

MOSCOW, June 7 (RIA Novosti) 

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