The billionaires who co-own Russian oil venture TNK-BP and want to buy out partner BP have told the UK company they would rather sell their half of the £31billion business than end up in a devalued partnership with state-backed rival bidder Rosneft.
Notifying BP of their intention to sell, the four entrepreneurs represented by the Alfa Access Renova (AAR) consortium also proposed a flotation of Russia’s third-largest oil producing company.
They claim a shareholder agreement obliges BP to consider such a plan.
“We can confirm that we have received notification from AAR of its intent to sell its share in TNK-BP,” BP said yesterday, adding that it would continue trying to sell its own stake in the TNK-BP holding company.
TNK-BP has been beset by a long series of disputes between BP and AAR but the latest move by the four oligarchs to open up their own exit routes adds a new dimension to the sale process.