Gazprom "should not buy TNK-BP"

By Gleb Bryanski

ST PETERSBURG, Russia (Reuters) - Gas giant Gazprom should not buy into BP's Russian joint venture TNK-BP and the row between TNK-BP's shareholders will worsen if one side does not sell out, a senior government source said Sunday.

TNK-BP is the subject of a fierce dispute over strategy and ownership between BP, which owns 50 percent, and a group of four Russian oligarchs, which owns the other half. A series of police and tax raids have increased pressure on the firm.

"They (Russian shareholders) are only starting the offensive. In the near future it will be worse," the source said, speaking to reporters on condition of anonymity.

Industry sources have said Gazprom is keen to buy the Russian half, a scenario that would potentially suit BP as it would get a state favourite as a partner instead of four powerful tycoons, who often have different interests.

But sources also said an anti-Gazprom clan in the Kremlin might be unhappy with the growing role of the gas giant in the oil industry and would prefer that a chunk of TNK-BP stock was bought by state-controlled oil major Rosneft.

"All this talk that Gazprom would buy into TNK-BP is the worst-case scenario. Let them (BP and the Russian owners) sort it out themselves," the source said.

"Either these people (Russian shareholders) or others (BP) will sell," he added, when asked how the conflict can be solved.

A stake for Rosneft or Gazprom would continue the Kremlin's strategy of increasing its presence in strategic industries, but soaring oil prices have made the Russian shareholders in the highly profitable TNK-BP unwilling to sell out cheaply.