AAR Seeks to Purchase Half BP's Stake in TNK-BP

BP has officially announced that it will enter into negotiations with Alfa Access Renova (AAR) with a view to potentially selling its share in consortium TNK-BP to its consortium partner.

The negotiations further the sale process initiated by BP early last month. BP announced on the 1st of June that it was considering selling its 50 per cent stake in TNK-BP due to unsolicited inquires into the sale of those shares. 

Yesterday, the company's partner in TNK-BP, AAR, which also holds a 50 per cent stake in TNK-BP, said that it was interested in buying half of BP's stake in the company (25 per cent) at current market prices.

"AAR and BP both realize that a fundamental realignment in the ownership of TNK-BP is necessary in order to allow each of the shareholders to achieve its strategic objectives and eliminate the internal contradictions that are preventing further development of TNK-BP," CEO of AAR Stan Polovets said. "We hope that BP will now engage with us constructively, particularly given the importance of TNK-BP to BP's overall position."

Both companies have confirmed in separate statements that they will enter into a 90-day "good faith" negotiation period for the shares. During this time, BP may negotiate with other interested parties but it may not finalise any deals with those parties.