TNK-BP Russian partners say BP tried to force them to sell

Wed Jun 25, 2008 12:46pm BST
 
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LONDON (Reuters) - The Russian shareholders in TNK-BP believe their partner in the joint venture, British oil major BP (BP.L), tried to work with the Kremlin to force them to sell their stake to a state-backed oil and gas company.

Stan Polovets, chief executive of the Alfa-Access-Renova (AAR) consortium representing the Russian billionaire co-owners, said BP viewed Gazprom as a more attractive partner.

BP's 50 percent stake in TNK-BP is Russia's second-biggest foreign investment and the venture produces a quarter of BP's worldwide output.

The other half is controlled by four Russian billionaires: Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik.

(Reporting by Tom Bergin)

 

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