BP to begin negotiations with Rosneft for TNK-BP purchase

BP confirmed it would begin negotiations with Rosneft for the potential purchase of BP’s shareholding in TNK-BP. BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.
 
BP welcomed announcement by Rosneft of its interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.
 
On July 19th BP began a 90-day period of good faith negotiations with Alfa Access-Renova regarding the potential sale of BP’s shareholding in TNK-BP as required by the TNK-BP shareholder agreement.
 
This followed notification by Alfa Access-Renova of its intention to exercise its right to enter a period of negotiation to purchase part or all of BP’s 50 per cent share in TNK-BP.
 
There can be no guarantee that any transaction will take place.
 
Further announcements will be made when and if appropriate.

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