Rosneft says no interest in TNK-BP stake

By Dan Fineren

MADRID (Reuters) - State-controlled Russian oil major Rosneft (ROSN.MM: Quote, Profile, Research) said it was not interested in buying a stake in rival TNK-BP, which is the subject of a battle for control between its co-owners BP (BP.L: Quote, Profile, Research) and a group of Russian billionaires.

Rosneft President Sergey Bogdanchikov told reporters on the sidelines of the World Petroleum Congress that his company was more focused on growing organically.

Analysts had predicted that after the end of a lock up period during which neither shareholder could sell their interest, a state-controlled company like Gazprom (GAZP.MM: Quote, Profile, Research) or Rosneft would buy a controlling or large minority stake in TNK-BP, Russia's third-largest oil producer.

But when asked whether he was interested in buying a stake in TNK-BP, Bogdanchikov dismissed the suggestion.

"No, No, No. We are not interested," he said, speaking through a translator.

"We are leaders in Russia," he said, pointing to high output from the new wells Rosneft is bringing onstream.

"Why should we buy a company whose new wells flow rate is half ours?"

The increasing presence of the state in the Russian oil industry has meant TNK-BP has not been able to buy as many new fields as was envisaged when the venture was founded.